Court approves Eurotunnel restructuring
Paris court backs debt plan for embattled tunnel operator
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
procedure’, 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 has three years in which to implement the restructuring and needs
the support of 60% of its investors for the share swap to proceed.