Eurotunnel executive chairman Jacques Gounon has continued to reject a debt-for-equity swap to save the company from administration.
Outlining a timetable for refinancing the company, Gounon called for holders of its £6.3 billion debt to write most of it off.
According to the Financial Times, he stressed that while creditors intend to defend their interests and he intends to defend those of Eurotunnel “it is not a reason not to negotiate.”
He told British shareholders, who hold 5% share capital, that a rescue plan would be drawn up by the end of June and presented to creditors by the of October.
Gounon is due to meet key creditors in Paris tomorrow.
Report by Steve Jones
