I consider also that its position is not justified

A few days of the vote on the proposals for the restructuring of the debt of EUR 9 billion, the CEO of the concessionaire to the channel tunnel calls on the responsibility of creditors.

Next Monday, creditors are expected to vote on the proposals for the restructuring of the debt. How will proceed this vote

Creditors will vote in the morning, the afternoon suppliers. The vote is organized by the judicial administrators and will take place at the tribunal de commerce of Paris. We should reach a quorum of 50 of voters. This election is not won in advance. It is imperative that the creditors are mobilized so that the quorum. In the case of the creditors, who are 53 and represent a debt of EUR 6.3 billion, it is necessary that at least 27 of them are present or represented.

The plan will be validated if the voters who agree with him are two-thirds of the debt. Already and already MBIA, first creditor of Eurotunnel, and the European Investment Bank, which holds two approximately 50 of the debt have announced that they supported the plan. But some creditors hold less than 100,000 euros of debt. These should also be mobilized. The paradox is that it can meet two thirds of the debt without quorum. The advantage of the judicial process is its transparency. Votes will be known and the creditors who have decided not to vote would be irresponsible behaviour.

Some creditors have yet announced that they would not vote for your proposals...

In fact, we know that some creditors would continue to negotiate. This is the case of American Fund Oaktree, which holds about 7 of the debt and would like to improve his fate at the expense of shareholders. To do this, he tried to block the voting process, according to methods that I denounce. November 8, Oaktree thus divided its debt in 9 sous-dettes, to try to vote the proposals instead of the 9 times against. This type of behavior is totally unfair and undemocratic.

I consider also that its position is not justified. It considers that the part given to shareholders is too generous and feared that the case of Eurotunnel does case law showing that we can restructure without disregard the existing shareholders. It is a false debate. I believe that the Eurotunnel case is completely non-standard. It is a public service concession which was funded 100 by private capital. Shareholders have done their duty and was invited several times. The creditors, for their part, have already received 8.5 billion euros of interest without that practically the first euro of capital has been repaid. Most of the creditors, as shown in the support of a number of them, have understood this atypical and unique record character.

And respecting the consultation of the bond which will take place next week

Deutsche Bank and Arco supported the plan. Here also, the issue is the achievement of the quorum. Many obligations being bearer, the administrators do not have the possibility to contact name their owners to encourage them to come and vote. The information will be disseminated by financial announcement.

What would be the risk of a quorum not met

Would we be wasting time, while we are engaged in the negotiation of the new debt of EUR 4.16 billion Eurotunnel. But we must quickly choose our future banking partner and secure our new debt rates before a likely lift rates. If the proposals are validated by the creditors, I will propose to the Board of Directors, before even the meeting of the commercial court to approve the plan, choose one of the two banking groups in competition today Citigroup on the one hand, Deutsche Bank and Goldman Sachs of the other to freeze the funding conditions.

What will be the next steps for positive vote Monday

After the vote on the bond early December, the tribunal will have to validate the backup plan and appoint Commissioners to run. In the first quarter of 2007, we will launch the public exchange offer that will create the new Eurotunnel group. We already secured for this phase, the support of the two committees of the shareholders, French and British. They are recently declared themselves favourable to the proposals of the plan, noting that the efforts requested to shareholders were consistent but that there was real hope of "accretion". Alchemy is positive. It must now realize.