LONDON (AFX) - MyTravel Group PLC said its bondholders have formally
approved the company's restructuring proposal in a vote today.
On Dec 24 the company's shareholders approved the plan which will see 96 pct
of the company's equity transferred to creditors.
Faced with crippling debts and other liabilities MyTravel had previously
warned that if the restructuring was not completed by the end of the year, the
UK's Civil Aviation Authority would revoke its licence -- a move that would have
effectively forced it out of business.
The debt-laden company earlier this month reported a sharply reduced loss in
the latest 13 months after slashing capacity and said a tourism revival will see
all three of its arms return to profit by 2006.
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