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Key Critics Drop Opposition to Eurotunnel Plan

Law360 (January 19, 2007, 12:00 AM EST) -- Two of the biggest opponents to Eurotunnel’s plan to restructure its €9.4 billion in debt have backed off their campaign, further clearing the path for the embattled channel operator to soon emerge from bankruptcy.

On Wednesday, U.S. investment fund Oaktree Capital Management and Franklin Mutual Advisers agreed to abandon their litigation against the company in exchange for a portion of the underwriting fees.

The move comes only days after the Paris Commercial Court approved Eurotunnel’s restructuring plan, removing one of the last obstacles standing between the...
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