Eurotunnel sets terms on debt restructuring

30/03/2005 - 18:52:14
Eurotunnel today set the terms for the restructuring of its €9bn debt mountain and said talks with its creditors would last eight months.

Bosses of the troubled Channel Tunnel operator unanimously voted to ask its creditors to waive their right to claim a default on debt repayments.

A dispute over the proportion of creditors’ advisory fees that Eurotunnel would have to cover was also settled at a meeting in Paris.

In a statement, Eurotunnel said its major creditors had agreed to lower the fees and this had been approved by a majority of its board.