Eurotunnel future in doubt

Friday, 13 Jun, 2005 0

Eurotunnel’s future has been thrown into doubt amid fears of a possible financial failure.

The channel tunnel vehicle carrying operator needs to write off part of its £6.4 billion debt or its future would be in doubt, its chairman Jacques Gounon is reported to have warned.

But there is an internal dispute over whether debt in the company should be swapped into shares.

Quoted in yesterday’s Sunday Times, Gounon said: “If at the end of October there is no solution, I will have to approach the board for a decision as to whether we are a going concern.

“Even if they (creditors) take over, they will still have the same challenge that we have – that is designing a scheme that will solve the company’s problems.”

Internal rifts at Eurotunnel came to a head last Friday when chief executive Jean-Louis Raymond resigned, as reported by TravelMole.

A further showdown between shareholders and the board is expected at Eurotunnel’s annual meeting on Friday.

Report by Phil Davies

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Phil Davies

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