Eutelsat Com Regulatory News (ETL)

28 Sep 2005 17:35

Eurotunnel PLC/Eurotunnel S.A.28 September 2005 954/2005 EUROTUNNEL DECIDES NOT TO SEEK CONVERSION OF STABILISATION ADVANCES AND NOTES The Joint Board of Eurotunnel (LSE: ETL), at its meeting on 28 September 2005,decided not to use the option, which is available under the 1998 restructuringagreement, to convert the Stabilisation Advances and Notes into shares before 31December 2005. The joint Board considered that, having regard to the current status of thenegotiations, it would not be in the Group's best interests to proceed with thisconversion in the present circumstances. The Joint Board considered that it isin the Group's interests for these Stabilisation Advances and Notes, whichrepresent approximately 9% of the debt, to be included in the overall debtrenegotiations. However, in order to keep all options open within the frameworkof the negotiations, the Board has mandated its Chairman to propose to creditorsan extension to the deadline for conversion. The Group also indicated that under current operating conditions it would beable to pay the total interest on the Stabilisation Advances and Notes in 2006(1). (1) Based on the £526 million Stabilisation Advances and Notes that wereoutstanding on 30 June 2005 and the current Credit Agreements, an additionalfinancial charge of approximately £24 million a year would be incurred by theGroup from 1 January 2006 on the basis of current interest rates in the eventthat the Stabilisation Advances and Notes are not converted into Units For media enquiries contact the Eurotunnel Press Office on + 44 (0) 1303 288728or + 44 (0) 1303 288737. Email: press.uk@eurotunnel.com For investor enquiries contact Xavier Clement on + 33 1 55 27 36 27. Email:xavier.clement@eurotunnel.com Eurotunnel manages the infrastructure of the Channel Tunnel and operatesaccompanied truck shuttle and passenger shuttle (car and coach) services betweenFolkestone, UK and Calais, France. Eurotunnel also earns toll revenue fromtrain operators (Eurostar for rail passengers, and EWS and SNCF for railfreight) which use the Tunnel. Eurotunnel is quoted in London, Paris andBrussels. -------------------------- (1) Based on the £526 million Stabilisation Advances and Notes that wereoutstanding on 30 June 2005 and the current Credit Agreements, an additionalfinancial charge of approximately £24 million a year would be incurred by theGroup from 1 January 2006 on the basis of current interest rates in the eventthat the Stabilisation Advances and Notes are not converted into Units This information is provided by RNS The company news service from the London Stock Exchange