Another MyTravel director quits

Patrick Tooher|Mail13 April 2012

ANOTHER senior director has quit stricken tour operator MyTravel.

Dave Betts ran the company's charter airline subsidiary, which has 55 planes.

His departure follows the resignation in March of aviation chief Mike Lee, who Betts in effect succeeded.

MyTravel, rocked by accounting scandals and profits warnings, is cutting 2,000 jobs as new chief executive Peter McHugh attempts to draw a line under the firm's profligate past.

No part of the business has been spared, with founding chairman David Crossland, McHugh's predecessor Tim Byrne and finance director David Jardine part of a boardroom clear-out. Other managers have left of their own accord.

But the aviation business has seen a purge, with commercial director Brian Deavall joining the casualty list in March.

Betts will be replaced by Frank Pullman from MyTravel's Sun Cruise subsidiary.

MyTravel, which was formerly known as Airtours, recently reported a £619 million first-half loss, including a £284 million write-off on assets such as planes and ships.

Completion of a £1.3 billion refinancing package depends on agreement with convertible bondholders. They want larger holdings in MyTravel in return for extending loan maturity dates.

Unless a deal is struck by the end of September, the whole £1.3 billion will become payable on demand, which could lead to the collapse of the company.

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