EUROTUNNEL has cleared another hurdle in its bid for survival.

By a narrow majority, bondholders backed the Channel Tunnel operator’s financial restructuring proposals which aim to more than halve the Anglo-French company’s £6.2billion debt. Major creditors have already approved the deal.

One hundred and two bondholders, representing 82.17 per cent of the bond value issued in euros voted in favour, while 88 bondholders, representing 69.22 per cent of the bond value issued in pounds sterling, backed the plan. A minimum 66.67 per cent vote was required to pass the measure.

The restructuring proposals will be put forward to the Paris Commercial Court, which is due to meet on Monday.

The plan is understood to give existing shareholders a 13 per cent stake in a new company, with creditors taking the remaining 87 per cent.

But the eventual outcome is still not certain with a possible challenge to the votes by some disgruntled creditors. And Eurotunnel shareholders must also offer more than 50 per cent of their shares for conversion into a stake in the new Groupe Eurotunnel.

Jacques Gounon, chairman and chief executive, said: "This vote concludes two years of intense negotiations and gives us a realistic and balanced plan which preserves the interests of all stakeholders.

"If the Paris Commercial Court approves this plan, the next step will be the creation of Groupe Eurotunnel SA.

"The shareholders will then, through a majority participation in the exchange offer, enable the new Eurotunnel to be born, based on solid foundations and with real prospects for the future."