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Eurotunnel wins reprieve
Channel Tunnel operator Eurotunnel has won 18-months protection from its creditors.
In an arrangement similar to Chapter 11 bankruptcy protection, a French court has appointed an administrator to help devise a rescue package.
The move comes after more than a year of failed negotiations to restructure Eurotunnel’s £6.2 billion of debt.
The “safeguard procedure” will allow the company to continue operations while new financial arrangements are secured.
Eurotunnel chairman Jacques Gounon had warned previously that the company faced collapse by next January.
Following the court hearing he reportedly said: “I am convinced that we now have the conditions necessary to achieve a financial restructuring for Eurotunnel within the time allowed.”
Report by Phil Davies
Phil Davies
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