A Major Reshaping of the Debt Restructuring Scene

Evening Standard - London › July 13, 2006

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Summary

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THE most significant City event so far this week is not tomorrow's flotation of Rosneft nor even the continued recovery of Marks Spencer. Rather, it is the increasingly bitter dispute between Eurotunnel and those to whom it owes the better part of Pounds 6 billion over how, if at all, the company can be refinanced.

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Extract

A Major Reshaping of the Debt Restructuring Scene

Firms have gone bust or nearly bust since the dawn of capitalism and if the only new thing about Eurotunnel was the scale of its indebtedness, that would be a source of awe but not necessarily of interest. Why it matters, however, is that it is...

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