13th Jul 2006 07:00
Eurotunnel PLC/Eurotunnel S.A.13 July 2006 Eurotunnel -Press Release 13 July 2006 Following long and intense negotiations, Eurotunnel presented an ultimateproposal at 11 p.m. Paris time on 12 July 2006 to reach a compromise between thePreliminary Restructuring Agreement dated 23 May 2006 and the demands made todate by its subordinated creditors. Although the vast majority of these demands were satisfied by the substantialefforts made jointly by Eurotunnel and the Ad Hoc Committee, the subordinatedcreditors, led by Deutsche Bank, rejected this final attempt to reach anegotiated agreement between all of Eurotunnel's creditors. Eurotunnel is now forced to pursue legal proceedings to place itself under theprotection of the Commercial Court of Paris pursuant to the French law "procedure de sauvegarde". Mr Jacques Gounon declared: "I fail to understand how an institution such asDeutsche Bank has maintained its unreasonable demands without taking intoaccount the consequences on the 2,300 employees and 800,000 shareholders ofEurotunnel." Ndegrees 985/2006 For media enquiries contact John Keefe on + 44 (0) 1303 284491.Email: [email protected] For investor enquiries contact Xavier Clement on + 33 1 55 27 36 27.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:
Eutelsat Com