Last ditch plan unveiled to save Eurotunnel operator
New company would offer existing shareholders 13% stake in business
A last ditch debt restructuring plan to save Channel Tunnel operator
Eurotunnel from collapse has been unveiled.
Under the proposal, existing shareholders would have a minimum 13% stake in a
new company that would make an offer for Eurotunnel’s shares early next year.
The new company – Groupe Eurotunnel – would be bolstered by a long-term loan
of £2.84bn from a consortium of banks including Goldman Sachs, Deutsche Bank and
Citigroup.
The proposal follows Channel Tunnel being granted bankruptcy protection in a
French court three months ago.
Eurotunnel ran up massive debts during construction of the cross-channel rail
tunnel, which opened in 1994.