Eurotunnel shares have enjoyed mixed fortunes on their first day of trading after a 10-month hiatus.
The firm sees light at the end of the financial tunnel
Trading in the Channel Tunnel firm's dual UK and French arms was suspended in 2006 amid major financial problems.
On their return, London-listed shares rose 20% to 30 pence but shares traded in Paris fell 6.8% to 41 euro cents.
Bondholders finally agreed a deal to cut the firm's huge debt earlier this year, in the absence of which the firm could have been forced into bankruptcy.
The overhaul will result in a new, combined firm - Groupe Eurotunnel - being formed if the proposals are backed by 60% of shareholders.
The firm's debts would be more than halved to 4.1bn euros (£2.8bn) through the arrangement, which has already been approved by a Paris Court.
Under the firm's proposals, shareholders would get one share in the new firm and a warrant giving them the right to subscribe to extra shares for each existing share they own.