Eurotunnel Wins Key Creditor Vote

Law360, New York (November 27, 2006, 12:00 AM EST) -- In a move that bodes well for Eurotunnel’s future, a majority of creditors have backed the beleaguered channel operator’s plan to restructure its nearly £6.2 billion ($11.5 billion) debt.

On Monday, 28 out of 35 creditors represented approved Eurotunnel’s proposal to refinance its debt with the help of a 40-year bank loan, according to the company.

Eurotunnel shipped off its restructuring proposal to creditors at the end of October after months of negotiation.

In order for the plan to pass, it needs two-thirds approval from the...
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