3rd Jul 2006 17:33
Eurotunnel PLC/Eurotunnel S.A.03 July 2006 03 July 2006Immediate release Update Following the presentation by ARCO, representing certain subordinated creditors,of an alternative project to the Goldman Sachs Plan, Eurotunnel would like tomake the following observations: The financial restructuring plan approved by the Joint Board of Eurotunnel andthe majority creditors represented by the Ad Hoc Committee cannot be called the"Goldman Sachs / Maquarie plan", except through a desire to misleadshareholders. In reality the Eurotunnel Plan was presented to the Ad HocCommittee for the first time on 13 July 2005; it was the object of a Memorandumof Understanding, signed on 31 January 2006, before being finalised by a bindingagreement on 23 May 2006. This preliminary agreement was subsequently the objectof a complete and complementary financing agreement, separate to the planitself, and signed on 30 May 2006 with a consortium of financial institutionsincluding, amongst others, Goldman Sachs and Maquarie. This plan was established with the principal senior and junior creditors, theholders of the majority of the Group's debt and without whom no restructuring ispossible. It is a binding plan*. It is a preliminary plan, which is to say thatit can still be modified, once the minority creditors agree to negotiate withthe Group's management. * It should be noted that in the ARCO press pack, the alternative projectpresented today has no contractual value and does not constitute a bindingcommitment. No 983/2006 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:
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