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A rescue package for Eurotunnel appears more likely after the bondholders who
had been blocking a deal said that they were “very close” to signing.
The Arco group of bondholders, which hold about a third of Eurotunnel’s £6.2
billion debt mountain, held out hope of an agreement after a French court
delayed a decision on whether to place the operator under bankruptcy protection.
Jean-Pierre Mattei, Arco’s chairman, said yesterday that a deal was “very close”
and could be reached before August 2, when the Paris commercial court will rule
on Eurotunnel’s application for protection from its creditors.
“Everyone wants a
lasting solution,” he said.
Jacques Gounon, Eurotunnel’s chairman, has said that the operator would be
insolvent by January unless its debt was restructured.
Source:
RedAlert
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