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MyTravel bondholders to meet Dec. 10 on restructuring
By Jeff Pines
Washington, Nov. 15 - MyTravel Group plc bondholders will meet on Dec. 10 to consider a restructuring that would give them an 8% stake in the restructured company's equity.
The stakeholders in the company's £250 million revolving credit facility, $100 million of private placement notes, £209 million of non-equity minority preference shares, certain elements of aircraft leases and all of the outstanding bonds would get an 88% to 92% stake in MyTravel.
Existing shareholders would get a 4% stake in the company.
If a consensual restructuring fails, MyTravel will pursue a court-ordered restructuring, it said.
MyTravel is a Manchester, England, travel company.
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