Plan C for Eurotunnel

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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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