Monday, November 27, 2006
Eurotunnel creditors vote for restructuring
Eurotunnel has today achieved the first part of its restructuring plans. At a meeting with its creditors got a vote favour of a deal that will lead to 50% of the debt for the operation being dropped. The vote accounts for 72% of the Junior and Senior debt of the cross channel operator.
Eurotunnel is currently operating under the French Safeguard Procedure, similar to Chapter 11 Bankruptcy in the USA. There is still a long way to go to finalise a deal but we will keep you informed on here.
Eurotunnel is currently operating under the French Safeguard Procedure, similar to Chapter 11 Bankruptcy in the USA. There is still a long way to go to finalise a deal but we will keep you informed on here.
