Eurotunnel unveils new restructuring plan

LONDON, Oct. 26 (UPI) -- The bankrupt company that operates the Channel Tunnel between France and Britain has unveiled a debt restructuring plan.

Eurotunnel's new attempt at staving off collapse gives existing shareholders a minimum 13 percent stake in a new company, to be known as Groupe Eurotunnel, that would make an offer for Eurotunnel's shares early next year, the BBC reported Thursday.

Creditors will vote on the latest proposal before the end of next month.

The restructuring plan involves a long-term loan from a syndicate of banks, including Goldman Sachs, Deutsche Bank and Citigroup.