Court assigns agent to help Eurotunnel reform

30th November 2004, Comments 0 comments

PARIS, Nov 30 (AFP) - Eurotunnel, the operator of the English Channel tunnel, said Tuesday it had asked a Paris Court for, and received the appointment of, an independent agent to help with its recovery.

PARIS, Nov 30 (AFP) - Eurotunnel, the operator of the English Channel tunnel, said Tuesday it had asked a Paris Court for, and received the appointment of, an independent agent to help with its recovery.

Eurotunnel stressed that its request for the appointment of an agent to help with restructuring of its EUR 9.5 billion (USD 12.6 billion) in debt was not linked to an insolvency procedure.

"This nomination, at the request of Eurotunnel, is not in any way linked to an insolvency procedure," the company said.

It said that Perette Rey, president of the Paris commercial court, in an order dated November 18, had nominated Regis Valliot as a court-appointed representative.

Vaillot has been appointed for an initial period of six months, which may be renewed, in order to assist the group with the management and implementation of its Project Dare operational restructuring plan, the Channel tunnel operator said.

Eurotunnel made no comment on the resignation of non-executive director Pierre Cardo, except to say that the French parliamentarian's letter of resignation had been received and was effective as of Monday.

Cardo, a member of parliament for the governing UMP party, accused Eurotunnel's manager of ignoring the views of non-executive directors and hindering their activities.

In his letter, a copy of which has been obtained by AFP, Cardo said he quit the board because of disagreement with the strategy and methods of the new managers elected in April after shareholders voted out the previous board.

He "regrets" that for several months the "wishes" and "proposals" by some directors "have not been taken into account", he wrote.

French newspaper La Tribune quoted Tuesday Cardo as saying he had resigned because "too many things are displeasing".

© AFP

Subject: French News

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