15th Jan 2007 11:37
Eurotunnel PLC/Eurotunnel S.A.15 January 2007 15 January 2007 Paris Commercial Court Approves Eurotunnel Safeguard Plan In its judgements dated 15 January 2007, the Paris Commercial court has approvedthe safeguard plan put forward by Eurotunnel with the support of thecourt-appointed representatives to the company and to the creditors. Eurotunnel welcomes with great satisfaction this immediately enforceabledecision, which lifts the shackles of its debt, preserves the integrity of theconcession and allows it to look to the future with confidence. This decision isgood for the company, its 2300 employees and its shareholders. The financing of the plan has already been agreed, under excellent terms, withthe banking consortium composed of Goldman Sachs/ Deutsche Bank/ Citigroup. With the support of the court appointed supervisors (Commissaires al'Execution), Me Laurent le Guerneve and Me Valerie Leloup Thomas, Eurotunnelwill now implement the plan during the course of the first half of 2007. In real terms this means: - The listing in Paris and London of the shares in a newparent company, Groupe Eurotunnel SA, the fulcrum of the restructuring; - The issue of hybrid Notes Redeemable in Shares ("NRS") byan English law mirror company, Groupe Eurotunnel UK; - The launch of an Exchange Tender Offer (ETO) by GroupeEurotunnel SA for the shares in Eurotunnel Plc and Eurotunnel SA. The ETO willbe the subject of a prospectus which must be approved by the market authorities. At the same time, Eurotunnel will request that its auditors certify its 2005 and2006 accounts, established on a going concern basis, with a view to publishingsuch accounts before the ETO is launched and to allow the lifting of the currentsuspension. To this end, the Paris Commercial Court has authorised Eurotunnel toextend the deadline for sending out notices of its general meetings until 31March 2007. Ndegrees 003/2006 For media enquiries contact the Press Office + 44 (0) 1303 284491. Email: [email protected] 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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