Bondholders Blast Eurotunnel

Law360, New York (July 6, 2006, 12:00 AM EDT) -- The already acrimonious debate over how to restructure Channel Tunnel operator Eurotunnel’s €6.2 billion debt came to a boiling point Thursday, with a bondholder group calling the company’s purported good-faith attempts to negotiate a charade.

“Jacques Gounon's proposed Secured Bondholder meeting on 7 July 2006 is a sham,” blared the top line of a press release issued Thursday by Arco, an association of Eurotunnel bondholders that claims to hold about 70% of Eurotunnel’s €2.7 billion in secured bonds.

Arco listed several complaints about the Friday meeting...
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