MyTravel revises deal with bankers

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.