A group of Eurotunnel bondholders backed by Deutsche Bank is awaiting a reaction from the company after sending a letter on Friday indicating that they intend to file a new debt restructuring proposal in the next few weeks.

In a letter sent on Friday evening the Arco bondholders, which hold about £1.9bn (€2.76bn) of Eurotunnel's £6.18bn debt and have after rejected a plan put forward by Goldman Sachs and Macquarie Bank, said they would file an alternative proposal before Eurotunnel's general assembly on July 12. The proposal is expected to be ready by the end of June.