LONG SUFFERING shareholders in Eurotunnel, the AngloFrench company that operates the Channel Tunnel, will learn details of the company's landmark refinancing deal today.
The company's co chairmen, Sir Alastair Morton and Mr Patrick Ponsolle, will tell investors on either side of the Channel that the deal is in their best interests.
Trading in the company's shares has been suspended at 113.5p since last Monday when it announced a deal had been agreed with the six leading banks representing the 225 strong syndicate, over the £9 billion debt.
The package is expected to include an initial debt for equity swap which would give the banks up to 49 per cent of the company's enlarged share capital and an exchange of more debts for securities that could give the banks up to 75 per cent control.
The company still has to persuade the full membership of the banking syndicate as well as its 750,000 shareholders and will stress the deal is better than the alternative of bankruptcy.
