24/05/2006 - Eurotunnel and Ad Hoc Committee sign a preliminary binding restructuring agreement
AGM postponed until 12 July 2006
Eurotunnel and the Ad Hoc Committee have today, 24 May 2006, signed a preliminary binding agreement on the financial restructuring of the Group.
Discussions will continue on this basis with other lenders, including junior bondholders.
At the same time, Eurotunnel will continue to explore with international financial institutions the best ways to put in place a new corporate* financing for the group.
As a consequence, Eurotunnel will seek to obtain approval from the French commercial court to postpone the general meeting of Eurotunnel SA, which should be held on 30 June 2006, until 12 July 2006, in order to present a complete outline for approval by shareholders of the Group.
* As opposed to the current project financing structure
|
Eurotunnel manages the infrastructure of the Channel Tunnel and operates accompanied Truck Shuttle and Passenger Shuttle (car and coach) services between Folkestone, UK and Calais, France. Eurotunnel also earns toll revenue from train operators (Eurostar for rail passengers, and EWS and SNCF for rail freight) which use the Tunnel. Eurotunnel is quoted in London, Paris and Brussels. |