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WHAT HAPPENED ON 7th October 1996?
6th October 1996
MAORIS COMPENSATED OVER LAND SWINDLE
The New Zealand government has announced that it will pay a Maori tribe on South Island £75m in compensation over a land dispute. The settlement acknowledges that the tribe was deceived when it was forced to sell its lands to the government in the last century. The settlement could lead to other claims by native New Zealanders. Some Maoris regard most of the 19th century treaties as swindles.
7th October 1996
Eurotunnel has released details of the
deal aimed at rescheduling its debts to 235 banks. So large were Eurotunnel's debts that some argued it would never be able to pay them off during its 65-year concession to operate the tunnel. At the moment it is making an operating profit but cannot pay its colossal interest charges. So the banks have agreed to convert their debt into shares at a price of 10.40 francs per share.
7th October 1996
CHUNNEL CREDITORS TAKE 45.5% OF COMPANY
Eurotunnel has announced details of the deal to restructure £8.7bn of debt under which its creditors will take 45.5% of the company's shares. And shareholders may see their stake in the firm down to 39.4% by the year 2004 Chairman Sir Alistair Morton has said the company hopes to pay its first dividend within ten years. The company also wants an extension to its concession to run the Chunnel ` due to expire in the year 2052.
6th October 1996
TheStock Market Panelassembles
professional expertise in an effort to illustrate the pros & cons of investment in UK stocks & shares. While this form of investment can bring rewards there are risks too. It should only be considered if you are ready to lose the sum invested in its entirety. Selections made & opinions given are those of the panellists & are not necessarily shared by the BBC. *Investors are recommended always to seek professional advice. 19:24/35;
7th October 1996
Eurotunnel has released details of the
deal aimed at rescheduling its debts to 235 banks. So large were Eurotunnel's debts that some argued it would never be able to pay them off during its 65-year concession to operate the tunnel. At the moment it is making an operating profit but cannot pay its colossal interest charges. So the banks have agreed to convert their debt into shares at a price of 10.40 francs per share.
7th October 1996
Eurotunnel has released details of the
deal aimed at rescheduling its debts to 235 banks. The price at which the banks' shares are valued is a bit below expectations. But it means existing shareholders have seen their stake diluted as the jargon has it. They own little more than half the firm when they once owned the lot. And they face a further decline in the future if the banks turn some of the bonds which they have been awarded into shares.
