MyTravel rebels win right to appeal

DISSIDENT bondholders in MyTravel will make a last-ditch attempt to derail its £800m debt restructuring plan. Holders of £216m worth of convertible bonds - including Fidelity, Societe Generale and Lehman Brothers - were yesterday granted a right to appeal against the proposed debt-for-equity swap, which leaves them with just 2% of the stock.

The High Court will hear their case on 20 December before deciding whether to grant approval for the rescue deal backed separately on Monday by creditors and shareholders. MyTravel, which owns Going Places and Airtours Holidays, has warned of dire consequences if the financial kiss of life is not administered soon. It racked up £1.3bn of debts after an acquisition spree.

Chairman Michael Beckett insisted it 'was still on track' to complete the rescue by year-end. He is expected to report a break-even trading position at tomorrow's annual results.