Deutsche bank falls foul of eurotunnel

As the Eurotunnel saga chugs along, Allen & Overy‘s client Deutsche Bank has found itself blamed by the company for talks breaking down. Chief executive Jacques Gounon said last week: “I fail to understand how an institution such as Deutsche Bank has maintained its unreasonable demands.” It is not the first time the bank, advised by partner David Fraumann, has upset the apple cart. Last month it offered an alternative plan to restructure the company’s £6.18bn debt after a solution from Goldman Sachs and Macquarie Bank, represented by Clifford Chance and Sullivan & Cromwell, had been agreed upon. Eurotunnel, advised by Freshfields Bruckhaus Deringer and Weil Gotshal & Manges, rejected the proposal as soon as it had been announced. Whatever happens next, it will be a long time before this restructuring reaches the end of the line.