Eurotunnel has confirmed that it is in advanced talks about restructuring its £6 billion mountain of debt.
It is negotiating with US investment bank Goldman Sachs and Australia's Macquarie, it has announced.
The negotiations could result in a new debt deal and a fresh start for the Anglo-French Channel Tunnel operator. However, it could also mean a new management and ownership structure.
Last month the company won a new deadline of July 12th to talk to its creditors.
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Its shares have been suspended in both the United Kingdom and France, pending the delayed publication of its 2005 results.
PA