Does Eurotunnel have a viable future?
Accountants working on behalf of Eurotunnel are reportedly unsure whether the company is a “going concern”, as a delay over the publication of its annual results continues. According to The Guardian, the operator of the Channel tunnel has not yet set a date for its annual results, which have traditionally been published in the second week of February. The newspaper reports that its two firms of auditors, KPMG and Mazars and Guerard, are “reluctant to sign off the figures without a lengthy qualification regarding whether the company has a viable future”. Analysts reportedly expect a loss of at least £200 million, mainly caused by interest on the company’s huge debts. The Guardian quotes a “City source” as saying: “The auditors are very nervous about defining Eurotunnel as a going concern.” The newspaper states that, if approval of the accounts is qualified by the auditors, creditors can apply to the courts to install an “administrative mandataire”, an official who would have “sweeping powers to control the business”. A statement by Eurotunnel reportedly said that the results would be published “in due course”, adding: “The auditors will fulfil their independent audit in verifying our accounts prior to publication. We do not comment on speculation.” Report by Tim Gillett, News From Abroad Ltd
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