Eurotunnel calls for debt write-off
Eurotunnel executive chairman Jacques Gounon has continued to reject a debt-for-equity swap to save the company from administration.
Outlining a timetable for refinancing the company, Gounon called for holders of its £6.3 billion debt to write most of it off.
According to the Financial Times, he stressed that while creditors intend to defend their interests and he intends to defend those of Eurotunnel “it is not a reason not to negotiate.”
He told British shareholders, who hold 5% share capital, that a rescue plan would be drawn up by the end of June and presented to creditors by the of October.
Gounon is due to meet key creditors in Paris tomorrow.
Report by Steve Jones
Have your say Cancel reply
Subscribe/Login to Travel Mole Newsletter
Travel Mole Newsletter is a subscriber only travel trade news publication. If you are receiving this message, simply enter your email address to sign in or register if you are not. In order to display the B2B travel content that meets your business needs, we need to know who are and what are your business needs. ITR is free to our subscribers.































Airlines suspend Madagascar services following unrest and army revolt
Qatar Airways offers flexible payment options for European travellers
TAP Air Portugal to operate 29 flights due to strike on December 11
Air Mauritius reduces frequencies to Europe and Asia for the holiday season
Airbnb eyes a loyalty program but details remain under wraps