27th Jun 2006 14:32
Eurotunnel PLC/Eurotunnel S.A.27 June 2006 27 June 2006 Eurotunnel was informed on Monday 26 June, that the Ad Hoc Committee, whichrepresents the Group's principle creditors, had, at the end of last week,indicated directly to the holders of the subordinated debt that the financialrestructuring project developed by Deutsche Bank was not acceptable to thecreditors that they represent. This position means that the project has no chance of success even though it isstill presented by its promoters as an alternative. This project, based on an enterprise value far superior to that emanating fromthe combined analyses of Eurotunnel and the Ad Hoc Committee, would enable themost subordinated creditors to recover a substantially greater amount than themarket value of their debt and probably, in the case of most of these creditors,the acquisition cost of their debt. These subordinated creditors remaining free to trade in the bonds constitutingthis subordinated debt, Eurotunnel has requested that the market authorities inthe UK and France (AMF and UKLA) take steps to ensure that the subordinatedcreditors' project has not been proposed for the sole purpose of misleadingother market participants, and in particular shareholders, who might be temptedto trade in these bonds or other equity securities of Eurotunnel in the hope ofrealising the levels of return on investment put forward by these creditors. Ndegrees981 /2006 For media enquiries contact John Keefe on + 44 (0) 1303 284491. 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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