EMBATTLED Lancashire holiday group MyTravel today announced it was in advanced negotiations with its bankers over the refinancing of the company multi-million-pound debts.

In a trading statement, the package holiday group said its summer business was in better shape than last year, with 500,000 fewer summer holidays left to sell this year than last.

The announcement will come as a relief to the hundreds of people employed by MyTravel, formerly known as Airtours, at sites in Accrington and Helmshore.

The company's share price collapsed last year after a series of profits warnings and the discovery of a 'black hole' in its accounts.