United Kingdom
United States
Asia Pacific
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
Related News Stories:
Phil Davies
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Unexpected wave rocks cruise ship
Storm Lilian travel chaos as bank holiday flights cancelled