Eurotunnel gets reprieve from creditors

Channel tunnel operator Eurotunnel has been granted protection from its
creditors under a new law, a French court has ruled.

Under the ruling, Eurotunnel will not have to pay interest on its £6.18bn
debt pile for six months.

During this time a court official will be appointed to oversee negotiations
with creditors.

Jacques Gounon, Eurotunnel’s executive chairman, said the court’s granting of
protection marked the final stage of discussions, which would result in an
agreed restructuring of the company’s finances.

‘I am convinced that we now have all the conditions necessary to achieve a
financial restructuring for Eurotunnel within the time allowed,’ he said.

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