MyTravel shares jump on finance announcement
Company says it is confident of a satisfactory outcome after recent hard times
The beleaguered travel giant MyTravel has raised hopes that it can secure its future after it agreed a financing deal that could keep the group afloat.
As previously reported, the troubled company has had a difficult year following the events of 11 September; shares in MyTravel have slumped from a year-high of 153.5p to a low of 7.5p and the company has been forced to cut as many as 2,000 jobs to save money.
Now, after securing GBP1.3 billion of finance from its bankers last month, it has stated that it is confident of striking a deal with its bondholders that will effectively rescue the company. The deal is that MyTravel will pay back money owed to the bondholders in 2007, some three years after it was originally agreed.
A spokesman said: “Although terms have not been agreed, the board is confident that ultimately a satisfactory resolution will be achieved.” Shares in MyTravel jumped 4.5p to 37.5p on the news.
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