To: Governor, Hong Kong.
DRAFT TELEGRAM
E. C. G.D. have now examined the security conditions on which
they would be prepared to consider guaranteeing a loan to the Tunnel
Company. They now require the several guarantees of all shareholders
in the Tunnel Company in proportion to their shareholdings as a minimum
security requirement. They understand that the French authorities are
still considering their requirements and a final decision is not expected
until early March. E.C.G.D. stress however that their latest requirements
represent their minimum position and they will not respond if the French
were to reduce their security conditions below these. E. C.G.D. also
propose certain procedural arrangements to secure the creditors access
to the proceeds of the operation of the tunnel. Further details have
been telegraphed to Hannam today.
No comments yet.
Private notes are available after approval.