MyTravel Group plc welcomes yesterday`s decision by the High Court that the company is able to restructure through a scheme of arrangement…
MyTravel Group plc welcomes yesterday`s decision by the High Court that the company is able to restructure through a scheme of arrangement without the approval of the convertible bondholders, who have no economic interest in the company.
While the judge has ruled on a technical point that the scheme cannot go ahead as it is currently formulated, the company will submit an alternative approach to the Court this afternoon. The court has vindicated the company`s decision to pursue the scheme of arrangement.
The company expects it will shortly be able to proceed with implementation of the scheme, which is designed to ensure the completion of its restructuring by the end of the year.
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