EUROTUNNEL’S creditors last night sought to dampen hopes of a quick deal that would see them waive rights and allow the troubled Channel Tunnel operator to start a new round of refinancing talks.

In a statement last night, the Ad Hoc Committee, which represents about 200 banks and financial institutions owed more than £6 billion, emphasised that a number of “outstanding issues” would have to be resolved before an agreement with the Eurotunnel board could be reached.

A spokesman for the committee would not be drawn on the remaining issues, which are thought to be largely technical, saying only that creditors were looking forward to “further constructive negotiations with the aim of agreeing acceptable terms for a waiver shortly”.

Earlier, the Eurotunnel board unanimously agreed to ask creditors to waive a clause on stringent lending arrangements which effectively prevents the company from negotiating a debt restructuring. The company added that it expected to receive approval from a majority of creditors as soon as possible, prompting speculation that a behind-the-scenes compromise had already been reached.

Analysts said the Ad Hoc Committee’s statement would quash such speculation.

Under Eurotunnel’s existing credit agreement, signed at the time of its financial restructuring in 1998, creditors can automatically place the operator in default if the troubled company tries to negotiate a refinancing of existing borrowings.

More than three quarters of the company’s senior debt holders and a majority of its co-financiers must agree to waive their right to trigger a default, before executives can begin renegotiating a crippling £6 billion debt bill. In return for agreeing such a waiver, the creditors had insisted that Eurotunnel foot the bill for its advisers’ fees. However, a vocal contingent on the six-member Eurotunnel board had balked at the potential costs, arguing for a more confrontational approach with its creditors.

It is understood that Eurotunnel has now agreed a new fee structure which will be paid to the creditors, although details of the deal were not disclosed yesterday.

Jacques Gounon, who took over as Eurotunnel’s chairman last month, will take personal responsibility for handling restructuring talks, provided a waiver can eventually be agreed.

The former civil servant and one-time executive of French engineer Alstom, has requested the assistance of Herve Huas, who will step down as deputy chief executive to become special adviser to the chairman. M Huas will remain on the board. M Gounan has intimated that he hopes to have a deal to put before shareholders at the company’s annual meeting on June 15, although sources said yesterday that the process could take up to eight months.

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