Accounting errors have cost British holiday firm MyTravel £70.6 million sterling (€108 million), the company said today after collapsing to an annual loss.
But the holiday group, formerly known as Airtours, has secured its immediate future by winning a year's grace from its lending banks.
Reporting results that were delayed until the bank deal was signed, Airtours said it sank to a pre-tax loss before e-commerce costs, exceptional items and goodwill of £72.8 million in the year to end-September, compared with a restated profit of £62.3 million last year.
The firm issued three profits warning in seven months with the last one in October raising fears of an accounting black hole and leading to the dismissal of chief executive Mr Tim Byrne.
MyTravel will not pay a final dividend for the current year - having already paid an interim dividend of two pence - and said it does not expect to pay a dividend for next year.
The firm also said finance director Mr David Jardine and Mr Richard Carrick, the head of the global development division, would leave the board immediately.