Eurotunnel 'saved' by investors
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Eurotunnel investors back a restructuring plan that could save the firm from bankruptcy.
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Eurotunnel bondholders are scheduled to vote on a plan to cut the firm's debt by more than half.
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Reassuring third-quarter earnings from  U.S. bellwether firms Intel and Yahoo! gave European shares a  boost on Wednesday that was reinforced by Dutch chip equipment  maker ASML, to the detriment of bonds.
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New shares in the restructured operator of the Channel tunnel rail link between Britain and France, Groupe Eurotunnel, fell by more than 35 percent on Monday, their first day of trading.
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European stock markets were rebounding, with big gains for French electricity group EDF, German airline Lufthansa and British caterer Compass.
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Citigroup and a consortium of Goldman Sachs and Deutsche Bank have submitted competing bids to finance a deal restructuring Eurotunnel's staggering debt, the operator of the undersea rail tunnel linking Britain and France said Sunday.
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Debt-ridden Eurotunnel warns it will go into liquidation if its creditors do not accept its latest restructuring plan.
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The FTSE 100 took advantage of a bouyant utility sector to stage a late fightback and recoup some of its early losses.
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Eurotunnel, the recently restructured operator of the Channel rail tunnel between France and Britain, Wednesday reported an 8.0 percent decline in first half sales to 373 million euros (512 million dollars) compared with the same period last year.
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European shares traded sideways on Wednesday but banks were a bright spot as Britain's HBOS rallied on relief it would not be wading into a bidding war for domestic peer Abbey.
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Euronext -- the operator of the Paris, Amsterdam, Brussels and Lisbon stock exchanges -- has held "positive" talks with the major shareholders of the London Stock Exchange, as the bidding battle for the LSE hots up.
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The money-transfer company isn't taking a breather.
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A French court grants Eurotunnel bankruptcy protection as it aims to reduce its debts.
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A public share swap offer by Eurotunnel has been a success, the French financial market regulator said on Friday, allowing the troubled Channel Tunnel operator to create a new less-indebted group and avoid liquidation.
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Billionaire gives beleaguered European reinsurer and peers a vote of confidence with 3% investment.
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(InfoWorld) - The take-up rate of broadband Internet access slowed sharply across Europe last year, while in some key markets, former monopoly operators are reclaiming market share lost to rivals in recent years, the European Competitive Telecommunications Association said in a statement Thursday. ECTA believes the two trends are connected. Growth in the number of broadband subscriptions grew 7 percent in the third quarter of last year, compared with 23 percent in the third quarter of 2005, according to the ECTA Broadband Scorecard, a quarterly analysis of the market. Growth almost stalled in a number of countries, including Denmark and Belgium, which experienced justÂ 3 percent growth. France saw growth slow to 10 percent after a much stronger performance in 2005, the analysis found. Spain, Sweden, and Austria also suffered a slow-down, it said. "The Scorecard shows that growth has stalled in a number of countries where we have seen the power of the incumbent on the increase, including Denmark and Belgium, which experienced a paltry 3 percent growth in broadband penetration," said Steen Clausen, managing director of ECTA. France has fallen to eighth place in ECTA's scorecard, well behind the U.K. for the first time, he said. "This is extremely disappointing news from some of the countries that have traditionally been at the forefront of Europe's broadband revolution," Clausen said. "Until recently, France was the poster child for broadband with some of the most attractive triple-play packages in Europe. It now needs to be vigilant if it is to maintain its position," he added. In contrast, in Germany, Deutsche Telekom's market share dropped below 50 percent for the first time in the third quarter of last year, and at the same time, it had a surge in growth in broadband penetration. The U.K. also experienced faster growth in broadband subscriptions. "It seems that the U.K. has learned some of the lessons that propelled France up the league table and is now reaping those rewards with a multitude of offers to consumers. Germany too is starting to show signs of progress, which is very welcome after a slow start," Clausen said. Europe is home to some of the world's leading broadband countries. However, its position in the fast track of broadband take-up globally could be put at risk if regulators do not act to re-enforce competition and open markets, ECTA warned. The link between increased power for incumbents and stagnation has been confirmed by studies, including one from SPC Network, which concluded that Europe could gain an extra 20 million broadband lines by opening markets further to competition. "This is a powerful warning for governments not to protect national champions, either now or for the future," Clausen said. "Monopolies have never been good for consumers, and in some industries, governments have to take action to let competition flourish. In energy, for example, the Commission is proposing extra measures to open markets to competition. We believe this could provide some valuable lessons for telecoms." European Union rankings in the third quarter of the last three years are as follows: Ranking Q3 2004 Q3 2005 Q3 2006 1 Sweden Denmark Denmark 2 Denmark Netherlands Netherlands 3 Netherlands Finland Finland 4 Belgium Sweden Sweden 5 Finland Belgium U.K. 6 France France Luxembourg 7 Austria U.K. Belgium 8 U.K. Luxembourg France 9 Germany Austria Austria 10 Portugal Germany Germany 11 Spain Portugal Portugal 12 Italy Italy Italy 13 Luxembourg Spain Spain 14 Ireland Ireland Ireland 15 Greece Greece Greece The ECTA Broadband Scorecard is available at the association's Web site.
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Investors have spoken. Here's what they had to say.