Eurotunnel completes restructuring; shares, redeemable notes to be listed July 2

By Caroline Salls

Pittsburgh, June 29 - Eurotunnel's exchange tender offer and financial restructuring were completed on June 28 as its Safeguard plan was executed, according to a company news release.

In connection with the restructuring, Eurotunnel SA and Eurotunnel plc, now subsidiaries of Groupe Eurotunnel SA, will be changed to TNU SA and TNU plc, respectively.

Groupe Eurotunnel's shares and warrants will be listed on Eurolist, with trading to begin Monday.

The notes redeemable in Groupe Eurotunnel shares issued by subsidiary Eurotunnel Group UK plc will also be listed on Eurolist Monday, and the Groupe Eurotunnel shares and the notes redeemable will also begin trading on the London Stock Exchange on the same date.

"We have successfully turned a new page," Groupe Eurotunnel chairman and chief executive Jacques Gounon said in the release.

"Groupe Eurotunnel SA has now taken its place amongst other large European businesses with an expanding future."

According to the release, as holder of more than 90% of the units in Eurotunnel SA and Eurotunnel plc, Groupe Eurotunnel will ask the U.K. listing authority to cancel the listing of those units in London, with the delisting expected to take place around July 27.

A similar delisting request will be made for the units listed in Brussels, Belgium.

Eurotunnel is the Paris-based operator of the Channel Tunnel.

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