MyTravel ‘in crisis talks’
Travel giant confident despite auditors talking of uncertain future
The beleaguered MyTravel has reportedly been having “crisis talks” despite insisting that the health of the company has improved significantly over the last few months.
Saturday’s Guardian newspaper quotes auditors Deloitte and Touche as talking of “uncertainty” regarding the company’s future, and the newspaper talks of millions of package holidays facing cancellation later this year if MyTravel fails to strike a new deal with investors.
According to the paper, MyTravel’s chief executive Peter McHugh “admitted that its survival depended on the outcome of crisis talks with a few dozen City bondholders, who are due to be paid £229 million in January. MyTravel wants them to wait until December 2006”. It continues: “If the bondholders do not agree to the delay by September, MyTravel’s banks have threatened to end their £1.3 billion of support for the company, which would collapse it.”
McHugh insists that such a scenario is highly unlikely, and states that there is “no real reason” for customers to be concerned, adding: “We continue to provide some of the best vacations of the market.”
MyTravel released its interim results for the six months to 31 March on Friday.
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