New Eurotunnel shares plunge on first day of trading
Wednesday, 4 July 2007
PARIS, July 3 (AFP): New shares in the restructured operator of the Channel tunnel rail link between Britain and France, Groupe Eurotunnel, fell by more than 41 per cent Monday on the first day of trading.
The company announced last Friday that it had completed its restructuring after agreeing a deal with creditors to slash its debt and convert shares in the near-bankrupt Eurotunnel into new shares in Groupe Eurotunnel SA.
In their first day of trading on the Paris stock exchange, shares in the new group known as GET SA closed with a loss of 41.56 per cent at 45 euro cents.
Shares in the old Eurotunnel, which are to be de-listed, fell 6.49 per cent to 72 cents, while the CAC-40 index of leading shares lost 0.46 per cent.
The company announced last Friday that it had completed its restructuring after agreeing a deal with creditors to slash its debt and convert shares in the near-bankrupt Eurotunnel into new shares in Groupe Eurotunnel SA.
In their first day of trading on the Paris stock exchange, shares in the new group known as GET SA closed with a loss of 41.56 per cent at 45 euro cents.
Shares in the old Eurotunnel, which are to be de-listed, fell 6.49 per cent to 72 cents, while the CAC-40 index of leading shares lost 0.46 per cent.