THE troubled MyTravel holiday group has moved a stage closer to financial salvation after a High Court ruling paved the way for a complete restructuring of the business.
The company -- which employs more than 300 people at its sites in Accrington and Helmshore -- warned earlier this month that it could go under if it did not wipe out debts of more than £800million. But the latest development is likely to safeguard those jobs.
Under MyTravel's proposals, control of the business will effectively be handed to its bankers.
However, a group of bondholders, who had loaned the company over £200million in the 1990s, objected and forced the High Court hearing.
The company will now call a meeting on December 13 to finalise its corporate shake-up.
In a brief statement, it said: "This will allow the company to complete the restructuring in accordance with its plans.
"The Board believes this is an important milestone in the restructuring process and the way is now clear for the restructuring to complete by the end of the year."
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