Eurotunnel in mixed market return

The firm sees light at the end of the financial tunnel

Eurotunnel shares have enjoyed mixed fortunes on their first day of trading after a 10-month hiatus.

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.