27th Nov 2006 12:42
Eurotunnel PLC/Eurotunnel S.A.27 November 2006 NEWS Monday 27 November Immediate release Creditors vote in favour of Eurotunnel safeguard restructuring proposals Eurotunnel is pleased to note the positive vote by creditors who are members ofthe financial establishments* committee. The creditors were called to vote thismorning, 27 November, on the proposed safeguard restructuring plan put forwardunder the French Safeguard Procedure. 28 creditors, out of 35 present or represented, voted in favour of the proposalswhich were put before them. This represents 72% of the Senior and Junior debt. This result has been obtained in spite of the abstention by certain hedge funds,who had unsuccessfully contested their inclusion in the financial establishmentscommittee as constituted by the Paris Commercial Court. Eurotunnel is grateful to the Mandataires Judiciaires and the AdministrateursJudiciaires (Court appointed representatives) who had encouraged a vote infavour of the plan. This vote, which will be followed by the vote of the Suppliers Committee thisafternoon and by the Bond holders vote before the middle of December, is a firstdecisive step in the process of agreeing the financial restructuring plan putforward by the company, with the support of the Court appointed representatives. Jacques Gounon, Chairman and Chief Executive of Eurotunnel said, "The result ofthe ballot demonstrates that the proposed plan is the best balance possiblebetween shareholders and creditors and that it was not possible to ask thecreditors, who have already agreed to reduce Eurotunnel's debt by more thanhalf, to go any further. Eurotunnel's creditors have approved a realistic and balanced plan which will,at last, allow the company's performances to be seen in their true context andwhich will permit Eurotunnel to develop from a solid base". *Creditors holding bank debt (junior and senior debt), representing 70% ofEurotunnel's total debt. Ndegrees 101/2006 For media enquiries contact John Keefe on + 44 (0) 1303 284491. Email: [email protected] Ken Cronin +44 788 759 1499 For investor enquiries contact Michael Schuller on + 44 (0) 1303 288 749. Email: [email protected] www.eurotunnel.com Eurotunnel manages the infrastructure of the Channel Tunnel and operatesaccompanied truck shuttle and passenger shuttle (car and coach) services betweenFolkestone, UK and Calais, France. Eurotunnel also earns toll revenue fromtrain operators (Eurostar for rail passengers, and EWS and SNCF for railfreight) which use the Tunnel. Eurotunnel is quoted in London, Paris andBrussels. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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