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Eurotunnel close to financial collapse
Page 10
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How much longer can hauliers rely on using the Channel Tunnel? Chris Tindall reports.
EUROTUNNEL IS perilously close to bankruptcy and will face financial collapse unless it can agree a deal with creditors to write off its £6.4bn debt.
The dire situation of the operator worsened when it announced the resignation of its chief executive Jean-Louis Raymond. Raymond had objected to Jacques Gounon airing his views to the press about the chief executive's planned redundancy programme.
Eurotunnel's fortunes will not be helped by BBC 2's The Money Programme this week. Gounan is asked whether the company will collapse if creditors reject his debt restructuring plan and replies: "Yes, I'm afraid it will go bust."
Shareholders are expected to vent their anger at Friday's annual meeting.
Gounan had asked lenders to write off two-thirds of Eurotunnel's liabilities (CM 5 May), but this was rejected.
A statement from the operator now reads: "As a result of recent corporate governance initiatives and the attention it has paid to improving financial communication, it will mobilise a high level of support from shareholders at the AGM."
christopher.tindall@rbi.coalk