ETL Eutelsat Communications S.a.

RNS Number:9631N
Eurotunnel PLC/Eurotunnel S.A.
14 December 2006

NEWS

Thursday 14 December 2006



Immediate release



  Bondholders* vote in favour of Eurotunnel safeguard restructuring proposals


Eurotunnel is pleased to note the positive vote by bondholders. The bondholders
were called, by the court appointed representatives, to vote this afternoon, 14
December 2006, on the proposed safeguard restructuring plan put forward under
the French Safeguard Procedure.


102 bondholders, representing 82.17% of the bond value issued in Euros, by
France Manche SA, voted in favour of the proposals that were put to them.


88 bondholders, representing 69.22% of the bond value issued in pounds sterling,
by Eurotunnel Finance Limited, voted in favour of the proposals that were put to
them.


Eurotunnel is grateful to the Mandataires Judiciaires and the Administrateurs
Judiciaires (Court appointed representatives) who had encouraged a vote in
favour of the plan and whose application of the legal process has been
invaluable in reaching this stage.


Eurotunnel notes with satisfaction that staff representatives in both France and
the UK gave their support to the plan prior to the vote this afternoon.


The financial restructuring proposals now adopted by the creditors will be put
forward, by the Administrateurs Judiciaires, to the Paris Commercial Court which
will meet on 18 December.


Jacques Gounon, Chairman and Chief Executive of Eurotunnel said, "This vote
concludes two years of intense negotiations and gives us a realistic and
balanced plan which preserves the interests of all stakeholders. If the Paris
Commercial Court approves this plan, the next step will be the creation of
Groupe Eurotunnel SA. The shareholders will then, through majority participation
in the exchange offer, enable the new Eurotunnel to be born: based on solid
foundations and with real prospects for the future".


 *Creditors holding bonds representing around 30% of the total debt of
Eurotunnel

** Those eligible to vote include registered bondholders and bearer bondholders
who have identified themselves in order to participate in the vote



No 104/2006



For media enquiries contact John Keefe on + 44 (0) 1303 284491.
Email: John.keefe@eurotunnel.com


Ken Cronin +44 788 759 1499


For investor enquiries contact Michael Schuller on + 44 (0) 1303 288 749.
Email: michael.schuller@eurotunnel.com


                               www.eurotunnel.com



Eurotunnel manages the infrastructure of the Channel Tunnel and operates
accompanied truck shuttle and passenger shuttle (car and coach) services between
Folkestone, UK and Calais, France.  Eurotunnel also earns toll revenue from
train operators (Eurostar for rail passengers, and EWS and SNCF for rail
freight) which use the Tunnel. Eurotunnel is quoted in London, Paris and
Brussels.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

STRDDBDDSXBGGLS

Eutelsat Communications (LSE:ETL)
Historical Stock Chart
From Jun 2024 to Jul 2024

Eutelsat Communications (LSE:ETL)
Historical Stock Chart
From Jul 2023 to Jul 2024