MyTravel Debt Holds Ground Despite Losses

MyTravel Group's bank debt held its levels in the mid-to-high 20s despite reporting losses higher than those last year. European market sources quoted the name in the 24-28 context, but said that no paper was trading.

  • 14 Dec 2003
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MyTravel Group 's bank debt held its levels in the mid-to-high 20s despite reporting losses higher than those last year. European market sources quoted the name in the 24-28 context, but said that no paper was trading. While the company is at the "edge of the cliff," the loan is still paying interest, commented one buysider.

Although the company reported operating losses of £ 358.3 for the year compared to losses of £ 20.4 million in 2002, MyTravel was able to sell off assets to secure enough working capital to take the company through 2004 (LMW, 11/24). Now, "It's all about how the company performs over the next three or four months," noted the buysider. Indeed, "I don't think [the bank debt] will trade up until they start to see a turnaround in its operating business," noted another buysider. Calls to officials at MyTravel were not returned by press time.

 

  • 14 Dec 2003

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2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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