Final throw of the dice for Eurotunnel as creditors consider restructuring plan

Eurotunnel’s quest for survival is hanging in the balance after the Channel Tunnel operator warned bondholders that the company would be placed into administration unless they accept a debt-restructuring proposal.

Under the terms of the draft “safeguard” plan, shareholders will gain 13% of the new company, Groupe Eurotunnel, junior bondholders will receive £240 million in cash and £1.275 million of convertible hybrid notes, while the senior creditors who hold £4.2 billion will be offered a comple

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