2nd Feb 2006 07:36
Eurotunnel PLC/Eurotunnel S.A.02 February 2006 NEWS Memorandum of Understanding agreed by Eurotunnel and Ad hoc Committee A milestone in the restructuring of the Group's debt The Joint Board of Eurotunnel has validated the Memorandum of Agreement (MoU)concerning the outline of the restructuring of Eurotunnel's debt, concluded on31 January 2006 between the Group and the Ad hoc committee of creditors(1). Thiscommittee represents in excess of 50% of the total debt. The MoU constitutes an essential step in the global restructuring of the debt. In the coming weeks, Eurotunnel will continue finalising the outline of therestructuring by presenting the MOU, under the terms of a confidentialityagreement, to the creditors not represented by the Ad hoc committee. To do this,Eurotunnel is proposing a further period of waiver(2), until the end of March2006. Eurotunnel and the Ad hoc committee have agreed to maintain, throughout thisperiod, the strictest confidentiality around the terms of the MoU. In due course, a General Meeting of shareholders will be called to vote on thedebt restructuring. In the meantime, Eurotunnel draws to the attention of the markets the fact thatany anticipation of the impact of this MoU would be premature. Media enquiries: John Keefe tel: + 44 (0) 1303 284491 Ken Cronin tel: + 44 (0) 207 554 1442 Investor enquiries: Investor Relations tel: + 33 1 55 27 36 27 News release no. (962) 02 February 2006 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/Coquelles, France. Eurotunnel also earns toll revenuefrom train operators (Eurostar for rail passengers, and EWS and SNCF for railfreight) which use the Tunnel. Eurotunnel is quoted in London, Paris andBrussels. -------------------------- (1) The Ad hoc committee is composed of MBIA, EIB, Franklin mutual Advisers,certain funds represented by Oaktree Capital Management and Ambac. It representscirca 73% of the debt held by the co-financiers and 21% of the Senior debt. (2) Waiver to be granted by the senior lenders and the co-financiers (Juniordebt, Fourth Tranche and Tier 1A) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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