By Louise Longman

MYTRAVEL is working with its lenders to agree a “proposed
extension” of its credit facilities until May 2006.

In a trading update, beleaguered MyTravel said proposals for
the refinancing have been put to the lending group, with “good progress being
made”.

Summer bookings are down 3% on last year on a 10% capacity
reduction, while winter bookings are 4% down, in line with capacity cuts.

In April MyTravel’s summer 2003 bookings were 3% ahead on a
12% reduction in capacity.

This leaves MyTravel with 500,000 holidays left to sell for
summer – approximately 40% of its capacity.

Chief executive Peter McHugh said bookings over the last two
weeks “have been encouraging”.