Plan C for Eurotunnel
Deutsche Bank outlines alternative restructuring plan for tunnel operator
The Eurotunnel saga took another twist last month as Deutsche Bank, one of the largest holders of the Channel Tunnel operator's £1.9 billion of junior debt, outlined a third restructuring plan for the company.
Under the terms of the proposal, shareholders would hold 16% of Eurotunnel shares, debt would be slashed by 60%, a £1.5 billion convertible would be issued and a EUR60 million dividend could be paid in 2007. Deutsche Bank also states that annual interest payments under its plan would be
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