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Aussie bank close to rescue of Eurotunnel

Posted by editor on Jun 01, 2006 - 07:09 PM
Filed under: Articles, News

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AUSSIE BANK CLOSE TO RESCUE OF EUROTUNNEL

Eurotunnel and Macquarie Bank have finally put together their plans to rescue the Channel Tunnel operator, but the complex deal still has some way to go as junior bond holders prepare to fight it and Citigroup reportedly prepares a rival bid.

The plan would allow Eurotunnel to slash its debt from £6.2 billion to just  £2.9 billion. Barclays Bank would lead the debt financing for the deal.

How much the various bond holders would receive from the deal has not been disclosed.


 

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