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Wednesday, 26 November, 1997, 16:59 GMT
Banks approve Eurotunnel restructuring

The company which operates the Channel Tunnel between England and France - Eurotunnel - says its bankers have approved a financial restructuring plan to save it from bankruptcy.

Under the plan, the banks will exchange some of their loans for shares in Eurotunnel.

The company currently owes more than eleven billion dollars and shareholders overwhelmingly approved the rescue package in July.

The deal, which is expected to be completed next year, means the banks own more than forty-five percent of Eurotunnel.

From the newsroom of the BBC World Service

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