DEBT-CRUSHED Eurotunnel has given a veiled welcome to a delay in a court ruling on its bid for bankruptcy protection.

It called the delay "opportune", claiming that it gave creditors more time to negotiate.

The Anglo-French Chunnel operator has faced mounting opposition from creditors to its debt restructuring plans.

It was worried that stalled talks would push it further into financial crisis and sought protection from Paris Commercial Court.

It aims to reduce its debt from £6.2billion to £2.9billion to ensure the survival of the company.

Chief executive Jacques Gounon has said that there is no alternative to its plans, although it is prepared to adjust them to meet some concerns.

But many lower priority shareholders have been angered by an apparent favouring of larger creditors and claim that they will lose out.

Deutsche Bank is promoting a rival plan that aims to even up pain and gain. Legal protection would enable talks to resume at any point they ceased.

"The creditors would have nothing to gain from such an outcome," the company added.

Eurotunnel said the court’s decision to delay a ruling was no surprise because it had made 17 applications covering six European countries.

It saw no reason why creditors "should not rapidly come to a consensual restructuring agreement".

Meanwhile, the delay has forced Eurotunnel to pay £78million in interest.