Citigroup Tries To Horn In On Eurotunnel Restructuring

Law360, New York (May 31, 2006, 12:00 AM EDT) -- Eurotunnel has announced an eagerly anticipated deal to restructure its massive debt, in a move that the company says will spare it from bankruptcy. But Citigroup is trying to lure Eurotunnel’s bondholders away from the proposed deal.

“We continue to believe that there are alternative ways to optimize value for all stakeholders,” said a Citigroup spokesperson when asked about the matter.

Citigroup’s plan would sweeten the pot for Eurotunnel investors by allowing less dilution of shares, said a source close to the negotiations. Citigroup wants Eurotunnel’s...
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