Court approves Eurotunnel restructuring

Eurotunnel, the embattled channel
tunnel operator, has secured its future after the
Paris Commercial
backed plans which would see the company’s debt cut to £2.84bn from

Eurotunnel already has the backing of its creditors and the court’s decision
will pave the way for the Anglo-French firm to leave bankruptcy protection.

The company is currently operating under a
, the French version of bankruptcy protection.

Under the terms of the restructuring plan, the newly formed Groupe Eurotunnel
will make a share-swap offer for the French and UK share units of the current
Eurotunnel companies.

Eurotunnel has three years in which to implement the restructuring and needs
the support of 60% of its investors for the share swap to proceed.

Further reading:

Last ditch plan unveiled to save Eurotunnel operator

Eurotunnel gets reprieve from creditors

Eurotunnel two months away from bankruptcy

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