MyTravel
 

MyTravel have issued what seems to be another profit warning blaming a weak late summer season due to holidays been sold at discount rates. Some people think this was to be expected whilst others seem surprised.

MyTravel say they have further non core businesses that are to be sold to raise cashflow and that winter 2003/2004 and summer 2004 was encouraging and within acceptable limits.

What are your views on MyTravel chance of survival? Do you think they will reduce the company to just uk operations and sell off everything else or do you think it's the beginning of the end.

I hope they pull through, lots of people did not think they would still be here in November.

They face a massive up hill struggle to survive. Many companies in similar situations over the years are not here now to tell the tale.

In medical terms. they are in a coma. Survival depends on whether the shareholders decide later this month if the life support system presently supporting them is to be continued or switched off. It is too close to call.

I think it could well be the beginning of the end and I hope to God i'm wrong.

Friends I know at MYT have told me that they have been flying punters round this summer for peanuts just to fill the aeroplanes up.

I am certain there will be lots more selling off of the family silver but whether there is enough to plug the hole is anyones guess.

Results like this and now it has to get thru the winter!

Take the Raybans off, its the night vision goggles they'll be needing! :uhoh:

Well we were told it would go bust last Winter and again this spring and yet again we were told we would not make it out of October. So you will excuse me if I don't put to much store in news paper reports or remarks made here. That said things could be better!

The share holders will not decide the future it will be the banks! Cash flow is the key and at the moment a lot of cash is being generated from asset sales. Will it be enough? One thing is for certain no one on this forum knows the answer to that one.

My Travel is definitely not in good shape. Nor indeed are many of the UK charterers this year either. Package demand is well down on expectations and bookings

My Travel is no exception, but maybe their problems are greater than most due to their exposure in the market place.

IMHO, the biggest mistake they ever made was changing their original business model. That was that they would only ever deploy their resources to fly their winter aircraft capacity, and 'outsource' the rest. They forgot that concept and now find themselves in a muddle.

Great shame

They will be gone by April.

They have retired the only aircraft they owne, the dreaded DC10's.

God Bless them, I hope they make it to the suuny season, however my feelings are that they will get caught by the winter cold.

Nil desperandum
 

All will be ok at MYT, and it is another major travel company which is soon to go under. (Sorry for their people)

This whole industry is in such a mess I think it is time to consider a change of scene!

one truevoice "gone by April" such statements help no one! You like others make these statements with no knowledge.

That the situation is not good is undisputable, but isn't it great to see the doomsayers however are ever with us. The adage that the only news is bad news, is unfortunately only too true. There appears to be a fascination for the gloomy salacious or problematical. The rubber necking at the scene of an accident the attraction of the blood gore at accidents, companies collapsing.
Perhaps is is some form of relief that bad things are going somewhere else. Just consider Hulk, today takes you personaly one step closer to your demise, now is that a fact, bad news or perhaps something we can all speculate on. One True Voice could knock us up a sandwich board and parade it around, Willowman could put his stethescope to Hulks chest and confirm our (worst) fears, and we could all cluster round an comiserate wow what a bad news party we could have. Oops heard a crash over there sorry gotta rush.:hmm:

Hey Paterbrat, brilliant post. A very good point, hilariously made. The other side of the coin though (for those of us that follow monty python) is whistling "Always look on the bright side of life" as the receivers are called in.

All depends on an individuals personal outlook on life I guess. I'd rather have a night in the bar with guys with your attitude though.

And on a more serious note. Good luck to all the guys and girls at MYT. Been there, done that and its not nice.

Paterbrat
 

Outstanding post!

STOP IT NOW. first we were afraid we were petrified, kept thinking we can never live without my by mytravel side...........
we will survive, we will survive oh yeh

miss chief.

So, which other major travel company is going bust then? DHL?

Perhaps she refers to this: http://www.pprune.org/forums/showthr...hreadid=108122

If Miss Chief is refering to Thomas Cook, it must be said that the U.K division at least, is the only part of the company actually making money.

I'm am sure the share holders will agree to the sale of the businesses that have been sold otherwise they will never see a return on their money.

I think MyTravel will be here by the start of the summer season and I hope they have a good one.

Dare I mutter those words - debt for equity swap?

Worked last year for Marconi, NTL and Telewest.

The banks usually try and claw some money back, rather than write off billions.