BusinessBusiness RecoveryLast ditch plan unveiled to save Eurotunnel operator

Last ditch plan unveiled to save Eurotunnel operator

New company would offer existing shareholders 13% stake in business

europe

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.

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