RNS Number:6951Q
Eurotunnel PLC/Eurotunnel S.A.
05 February 2007


5 February 2007

Immediate release


              First step towards implementing the Safeguard Plan:

                   Tier 3 creditors choose NRS or Cash Option


The safeguard Plan approved by the Paris Commercial Court on 15 January allows
that in exchange for abandoning their debt, the holders of Tier 3 debt will
receive Notes Redeemable in Shares (NRS) issued by the new company, Eurotunnel
Group UK plc, and redeemable in ordinary shares in the new company Groupe
Eurotunnel SA.

The plan also provides for this category of creditor to opt for a cash sum in
place of receiving NRS, the decision to exercise this option having had to be
notified to Eurotunnel by 31 January 2007.

Four holders of Tier 3 debt, representing approximately 32.5% of the total Tier
3 debt, c#575 million at face value at an exchange rate of #1 : Euro1.46635, have
chosen to exercise the Cash Option.

The payment of the corresponding amount will, inter alia, be guaranteed
according to the conditions set out in the plan, through the subscription for
the NRS which would have been attributed to those creditors who have chosen to
take the Cash Option, by some of the other holders of Tier 3 debt and some of
the bondholders*. The creditors who are interested in subscribing for these NRS
have until 14 February inclusive to exercise this option.

To guarantee the financing of the Cash Option, Eurotunnel signed a Cash Option
Provider Agreement, on 30 January 2007, with Deutsche Bank and Goldman Sachs
(these two institutions having committed to becoming Cash Option Providers for
the Tier 3 debt when they made their financing proposal at the end of November
2006).

*Resettable Bonds, Participating Loan Notes and Stabilisation Notes.


No. 005/2006


For media enquiries contact The Press Office on + 44 (0) 1303 284491.
Email: press@eurotunnel.com

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
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