Bondholders Blast Eurotunnel

Law360 (July 6, 2006, 12:00 AM EDT) -- The already acrimonious debate over how to restructure Channel Tunnel operator Eurotunnel’s €6.2 billion debt came to a boiling point Thursday, with a bondholder group calling the company’s purported good-faith attempts to negotiate a charade.

“Jacques Gounon's proposed Secured Bondholder meeting on 7 July 2006 is a sham,” blared the top line of a press release issued Thursday by Arco, an association of Eurotunnel bondholders that claims to hold about 70% of Eurotunnel’s €2.7 billion in secured bonds.

Arco listed several complaints about the Friday meeting...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.