EUROTUNNEL has postponed its annual meeting to allow more time for talks about changes to its debt deal.

The meeting, scheduled for June 30, has been put off until July 12 because it wants to be in a position to put a complete proposal to shareholders at the meeting.

The Channel Tunnel operator and the so-called Ad Hoc Committee of lenders and bondholders signed a preliminary binding agreement about a new financing deal on Wednesday.

The company, with bases in Cheriton, Folkestone and Coquelles, France, said it would also continue to explore a new corporate financing plan with international institutions.

It is in talks with Australian bank Macquarie which could result in a new debt deal and a fresh financial start for a company that owes £6.2billion.

Expert sources suggest that the bank may be about to take a £1billion stake in the Anglo-French company. It could lead to new management appointments, but Eurotunnel sources are playing down the prospects of a big shake-up, claiming that operationally the company is in good shape.

Eurotunnel is also talking to others, including US investment bank Goldman Sachs, as part of a major debt restructuring.

If Macquarie backs the tunnel, and it already has substantial interests in other major infrastructure projects.

In April, Eurotunnel was given a July 12 deadline to talk to all its creditors and its shares have been suspended pending the delayed publication of its 2005 results.

A spokesman said: "Eurotunnel confirms that it is in advanced negotiations towards a global financial restructuring for the group with the Ad Hoc Committee of Creditors, and with the Goldman Sachs and Macquarie groups."

He added: "We know some of our high-risk creditors would be happy to get out if there was a bit of cash around.

"We’re looking for our shareholders to get value, we’re looking for our creditors to get some value and we’re looking for the company to have a future."