Eurotunnel files for protection as talks founder

Eurotunnel, operator of the Channel Tunnel, has sought pre-insolvency protection under French law, after failing to reach agreement with its junior bondholders on a debt restructuring by the company's self-imposed deadline of midnight on Wednesday.

  • 14 Jul 2006

If the Anglo-French company is granted the status of procédure de sauvegarde it will not have to pay interest on its debt. For the next fortnight Eurotunnel has forsworn the right to negotiate with creditors.

Discussions between Eurotunnel, at least two camps of creditors and various banks keen to ...

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