Further crisis looms at Eurotunnel
Monday, 14 Dec, 2005
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Eurotunnel could sink into further crisis unless it reaches an agreement with holders of its £6.3 billion debt by the end of next month.
Executive chairman Jacques Gounon reportedly told the Financial Times that it will not seek an extension to talks if a deal is not reached.
He said if an agreement remained elusive by the end of January – after six months of negotiations – any extension would be futile.
“The company has to decide what to do in the face of such a situation,” Gounon is reported to have said. “We will see how to manage such a crisis.”
If a draft agreement had been reached, the channel tunnel operator would request an extension, he added.
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