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April 26, 2005
Eurotunnel
Eurotunnel seeks debt write-off
By Mary Watkins in London
Published: April 26 2005 08:22 | Last updated: April 26 2005 12:10
http://news.ft.com/cms/s/92d7f44e-b620-11d9-aebd-00000e2511c8.html
The odd thing about Eurotunnel is that it's been obvious for ages that there is no way that it can service the debt. Not in any realistic world (ex Europe suddenly firing up 6 percent growth... hahahhaha, sorry).
It's a bit painful, but they may as well bloody default and get over with it. If I was a bond holder I'd go for an equity conversion (might as well, you're effectively in that position) or except pennies. .... Of course one could always offload, same-same when it comes down to it.
Posted by The Lounsbury at April 26, 2005 03:12 PM
Filed Under:
Jan-July 2005
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