Bondholders agree last ditch Eurotunnel refinancing plan

The proposal to cut the company’s £6.2 billion of debt to £2.9 billion was the company’s last chance to avoid insolvency, and depended on the bondholders, who hold £1.9 billion of the debt. The plan includes the issuance of £1.28 billion in convertible bonds.

“I can now say that Eurotunnel is virtually saved,” said Eurotunnel chief executive officer Jacques Gounon.

A majority of the company’s bank debt creditors, holders of its senior and junior debt, which is 70% of the total amount, voted in fa

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