Eurotunnel has restructured its debt through a four-tranche bond issue, totalling £5 billion. The issue includes a £1 billion convertible bond, swapping debt for equity. It is over two years since the company declared a moritorium on interest payments. The deal, which was the largest ever private sector corporate workout, involved a syndicate of almost 200 banks. UK firm Linklaters is advising the four agent banks for the syndicate (NatWest, Credit Lyonnais, Midland and BNP) on English, French and US law. Rambaud Martel is acting as special French counsel to the banks. UK firm Herbert Smith advises Eurotunnel alongside Darrois Villey Maillot Brochier, the local counsel.
        
        
        
            
                
    
        
        
            March 01 1998