Anglo-French Channel tunnel operator Eurotunnel narrowly won the approval of its creditors today for a debt restructuring plan aimed at staving off bankruptcy.
Creditors met in a Paris court to vote on the plan, and the restructuring was supported by those representing 72 per cent of Eurotunnel's senior and junior debt burden. The total debt stands at £6.2 billion, including bonds.
Of the 53 registered creditors, the 28 votes in favour were just one more than the 27 that were needed. Several creditors, among them Oaktree Capital Management LCC, were not present.
Eurotunnel said in a statement that 35 creditors, such as banks and other financial institutions, were absent.
Oaktree said in a statement it considered the vote not binding to it and noted that over half of the so-called Tier 3 creditors - one of the classes of debt - had not voted.
Oaktree called the voting procedure "inherently unfair" and said it would continue to pursue its challenges to the Eurotunnel plan.
The vote took place at the Paris Commercial Court because Eurotunnel has been operating under the French "safeguard procedure" - a version of Chapter 11- since August 2nd.