News

Eurotunnel has won its fight for survival today after shareholders overwhelmingly backed a restructuring plan.

The business will be become Groupe Eurotunnel next month after 87% of its shareholders agreed to exchange their stock for holdings in a new, less indebted company.

Such an outcome appeared unlikely last year after creditors backed out of a rescue deal and brought legal action against the company. But Eurotunnel prevailed after launching a multimillion pound advertising campaign to get out the French shareholder vote.

Jacques Gounon, Eurotunnel chief executive, said: "Eurotunnel is saved. I would like to sincerely thank shareholders who have shown their strong support ... The unquestionable success of the offer confirms their commitment to this great group. It enables Eurotunnel to have a fresh start."

The vote brings to a close a torrid chapter in the tunnel operator's history, which saw it come close to buckling under the combination of a £6.2bn debt burden, boardroom infighting and investor rebellions. Its second largest shareholder turnout, in 2004, saw nearly 50% of investors vote to install Mr Gounon to run the company.