CC celebrates Eurotunnel deal

Eurotunnel’s ongoing restructuing deal to slash its £6.2bn debts was finally approved last night.

Clifford Chance and Sullivan & Cromwell advised Goldman Sachs and Macquarie, which were brought in to finance a deal to reduce Eurotunnel’s debt.

White & Case advised some of the debt providers while Eurotunnel was advised by Freshfields, which declined to comment.

Last night, a restructuring plan to write off £2.13bn of the company’s £6.18bn obligations won support from bondholders and the Channel tunnel operator is expected to implement the rsetructuring project early next year.

The instruction to advise the banks was a coup for Clifford Chance because the magic circle firm was dropped from the restructuring in 2004 after its clients Merrill Lynch and Dresdner Kleinwort Wasserstein were ditched by Eurotunnel as financial advisers.

Linklaters partner Richard Holden advised the ad hoc creditors committee, while Kirkland & Ellis, Cadwalader Wickersham & Taft and Debevoise & Plimpton acted for the European Investment Bank, MBIA and Oaktree respectively.