Groupe Eurotunnel S.A. (B): Restructuring under the Procedure De Sauvegarde
Posted: 4 Jun 2009
Date Written: March 3, 2009
In mid-2007 the chairman and CEO of Eurotunnel Group, having elected to file for bankruptcy under a newly-enacted French insolvency law, awaits the outcome of a vote by creditors and shareholders. At least 50% of the shareholders must approve the plan, however they face significant dilution of their ownership interests in Eurotunnel. If the vote fails to pass, the possibility that the company may have to be liquidated becomes increasingly likely.
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