Eurotunnel Rejects Deutsche Bank's Plan

Law360, New York (June 26, 2006, 12:00 AM EDT) -- Eurotunnel has turned down a restructuring plan proposed by Deutsche Bank AG, the latest development in what has become the contentious and complicated process of dealing with the Channel Tunnel operator’s €6.2 billion ($11.7 billion) debt.

Deutsche Bank and other infra-junior creditors began drawing up their own restructuring plan earlier this month, a move that grew out of unrest among Eurotunnel’s junior debtholders.

Citigroup was the first to propose an alternate restructuring plan, after Eurotunnel announced an eagerly-anticipated deal to restructure its massive debt on May...
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