MyTravel’s debt swap

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Troubled tour operator MyTravel is set to execute a debt-for-equity swap that will heavily favour banks at the expense of its convertible bondholders. The firm plans to exchange £800 million of unsecured debt – including £216 million of convertible bonds – for new equity by the end of the year.

Banks will essentially be repaid par for their loans, albeit in shares, rather than cash. The convertible bonds will also convert into equity, but bondholders will receive shares worth only 30% of the

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