You carry your journey with you

19 June 2005

Eurotunnel s chairman may be able to soften his stance towards creditors after surviving a crucial shareholder vote. But the battle between shareholders and creditors during Eurotunnel s £6.3bn debt restructuring will still be a painful one.

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Eurotunnel shareholders voted on Friday to support the company's current chairman and chief executive, Jacques Gounon, after a rival candidate withdrew from the competition.

Gounon, who will now lead talks with creditors to restructure Eurotunnel's £6.3bn of debt, said he might accept a smaller debt write down than the 60% haircut he had previously suggested.

That was "based on the business plan that I had proposed. If in the talks with creditors we negotiate a business plan that can support another amount (of debt), then we'll see," he said.

Gounon was supported at the last minute by Nicolas Miguet, the maverick share tipster who led a shareholder rebellion at last year's annual general meeting that ousted all the board. Miguet represented about 20% of Eurotunnel's votes through proxies.

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