Doubt Swirls Around Eurotunnel Restructuring Bid

Law360, New York (June 5, 2006, 12:00 AM EDT) -- In a move that threatens to drive Channel Tunnel operator Eurotunnel into bankruptcy, a group of bondholders is voicing its opposition to the restructuring plan that had been agreed to by the company’s senior creditors.

The bondholder’s group, called Arco, claims that its members hold a third of Eurotunnel’s debt and comprise 60% of the company’s creditors.

Deutsche Bank is reportedly working with Arco to draw up a restructuring plan to deal with Eurotunnel’s €6.2 billion ($11.7 billion) debt, in a move that stems from unrest...
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