Eurotunnel, the Channel Tunnel operator that in August won court protection from its creditors, has proposed a financial restructuring plan to investors and warned it will go into administration if they do not back the deal within the next month.

Eurotunnel, which is struggling to restructure its £6.2bn (€9.2bn) debt burden, will today consult with staff representatives to discuss a proposal outlined yesterday that involves creating a new company called Groupe Eurotunnel.