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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.