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...
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