Banks and loan investors can rid themselves of poor performing Eurotunnel debt after the company unveiled its second debt restructuring plan - but some face big losses if they do.

The plan includes buying back up to £1.44bn (€2.4bn) of loan stock (40% of the £3.6bn total) and issuing a new asset backed bond before the end of the year. The loan comprises six subordinated pieces of debt. There are three tiers of debt one of each in French francs and sterling. The loan itself is a product of a huge debt rehaul in 1997.