MYTRAVEL
has revised its deal with bankers so it can use the proceeds of any disposals
as general working capital rather than to pay off debts.
The new agreement comes as MyTravel
attempts to sell off parts of its US business, which US company Carlson Leisure
Group is rumoured to be interested in.
The
move means MyTravel now has to pay a consent fee to bankers which is linked to
any increase in the company’s share price.
The
banks will now receive 13.5% of any rise above £50 million in MyTravel’s market
capitalisation by May 2006, when the £1.3 billion debt has to be refinanced.