Eutelsat Com Regulatory News (ETL)

5 Apr 2005 07:45

Eurotunnel PLC/Eurotunnel S.A.05 April 2005 EMBARGO: Not for release before 0745 hours (UK time) on Tuesday, 5 April 2005 Eurotunnel formally requests a "waiver" in order to begin debt negotiation Following the decision taken by the Joint Board on 30 March 2005 Eurotunnel hasformally requested from its principal creditors an exemption to its CreditAgreements in order to begin the process of debt negotiation. This exemption (or "waiver") requires the approval of a qualified majority ofrelevant Eurotunnel creditors. The company has already obtained the support ofthe Committee representing holders of 15% of the Senior Debt and 69%collectively of the Junior, 4th Tranche and Tier 1A Debt. The Committee representing holders of a majority of Eurotunnel's co-financierdebt comprises the European Investment Bank, Franklin Mutual Advisers LLC., MBIAand Oaktree Capital Management. In the event of a favourable reply to its request for a waiver, Eurotunnel willbegin negotiations with the aim of seeking a capital structure which ensures thelong-term future of the Group whilst protecting the interests of shareholders. Media enquiries: Eurotunnel Press Office, tel: + 44 (0) 1303 288728 or + 44 (0) 1303 288737 Investor enquiries: Xavier Clement, tel: + 33 1 55 27 36 27 News release no. 931 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 fromother train operators (Eurostar for rail passengers, and EWS and SNCF for railfreight) which use the Tunnel. Eurotunnel is quoted in London, Paris andBrussels. This information is provided by RNS The company news service from the London Stock Exchange