ARCO Backs Eurotunnel's Plan On Creditors' Heels

Law360, New York (December 7, 2006, 12:00 AM EST) -- In a surprising turnaround, a slew of ARCO members have decided to throw their support behind Eurotunnel’s plan to restructure its nearly £6.2 billion ($11.5 billion) debt, moving the proposal one step closer to receiving final approval.

On Thursday, ARCO, the organization of Eurotunnnel bondholders which represents about £1.9 billion of junior debt, revealed that a majority of its members now favor the beleaguered channel operator’s safeguard plan, after opposing the measure a few months prior.

“Although this plan is not fully satisfactory for the secured...
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.