30th Mar 2005 16:40
Eurotunnel PLC/Eurotunnel S.A.30 March 2005 EMBARGO: Not for release until 1640 (UK time) on Wednesday, 30 March 2005 EUROTUNNEL REQUESTS WAIVER The Joint Board of Eurotunnel, which met today (Wednesday, 30 March), hasunanimously agreed to request a waiver to its Credit Agreement. This waiver requires the approval of a qualified majority of the creditors,which Eurotunnel expects to receive as soon as possible. In the event of a favourable reply, Eurotunnel will begin negotiations with theintention of reaching a financial arrangement that will ensure the future of theGroup whilst at the same time maintaining shareholder interests. The negotiations are expected to take eight months. The fees for the advisors to the creditors, which have for a long time beendeemed unacceptable by the Joint Board, have been reduced in agreement with theAd-hoc Committee of the principal creditors. This agreement has received theconsent of a majority of the Board. At the request of the Joint Board, Jacques Gounon, Eurotunnel's Chairman, takesresponsibility for the restructuring of the debt. He has requested theassistance of Herve Huas, who leaves his role as Deputy Chief Executive tobecome Special Advisor to the Chairman, whilst still remaining a member of theJoint Board. Following the meeting, Jacques Gounon said: "This convergence of positionsbetween Eurotunnel and the Ad-hoc Committee is very positive. After many monthsof effort and thanks to the hard work of all concerned, I am very pleased to bemaking this announcement today. The Board will continue to work to secure thelong term future of the Group." Media enquiries: Press Office, tel: + 44 (0) 1303 288728 or + 44 (0) 1303 288737 Investor enquiries: Xavier Clement, tel: + 33 1 55 27 36 27 News release no. 930 Eurotunnel manages the infrastructure of the Channel Tunnel and operatesaccompanied truck shuttle and passenger shuttle (car and coach) services betweenFolkestone, UK and Calais/Coquelles, France. Eurotunnel also earns toll revenuefrom other train operators (Eurostar for rail passengers, and EWS and SNCF forrail freight) 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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