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
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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies