CC and Linklaters shine again on Eurotunnel deal

Magic circle firms Clifford Chance and Linklaters have scored another win advising on the sale of £2.84bn of Eurotunnel debt.

Clifford Chance has secured the key role advising Deutsche Bank and Goldman Sachs on the sale of debt to Channel Link Enterprises Finance and its subsequent bond issuance.

Meanwhile, Linklaters, led by partner Julian Davies, is advising Ambac, the Financial Guaranty Insurance Company (FGIC) and the Financial Services Authority (FSA) as guarantors of a portion of the debt.

This follows Clifford Chance’s advice to underwriters Goldman Sachs and Macquarie Bank in the Eurotunnel restructuring last year. Linklaters advised the creditors committee on that deal.

Lead partner at Clifford Chance, David Bickerton, commented on the latest transaction: “We had to guide Deutsche Bank and Goldman Sachs through the new French pre-insolvency process to take on and then lay-off that risk.

“We will start to see more banks involved in these in and out restructurings, where the company is rescued and the banks then find the right market in which to parcel that risk.

Last year (5 December 2006) The Lawyer reported on the approval of Eurotunnel’s restructuring which saw the company’s debt slashed by £6.2bn.

Sullivan & Cromwell advised the banks as well as Clifford Chance. White & Case advised some of the debt providers, while Freshfields Bruckhaus Deringer advised Eurotunnel.