EUROTUNNEL has unanimously agreeed to request a waiver to its existing credit agreement.

The request, agreed on at a meeting of the joint board, would require the approval of a qualified majority of the creditors, which Eurotunnel hopes to receive as soon as possible.

If agreed, Eurotunnel will begin negotiations with the intention of reaching a financial arrangement that will ensure the future of the Group and at the same time maintaining shareholder interests.

The negotiations are expected to take eight months.

The fees for the advisors to the creditors, which the joint board consider to be unacceptable, have been reduced in agreement with the ad-hoc committee of the principal creditors.

Jacques Gounon, Eurotunnel’s chairman, will take responsibility for the restructuring of the debt. He will be assisted by Hervé Huas, who leaves his role as deputy chief executive to become special advisor to the chairman.

M Gounon said: "This convergence of positions between Eurotunnel and the ad-hoc committee is very positive. I am very pleased to be making this announcement. The board will continue to work to secure the long term future of the Group."