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Odober date for Eurotunnel deal
1st September 2005, Page 12
1st September 2005
Page 12
Page 12, 1st September 2005
— Odober date for Eurotunnel deal
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IT IS LIKELY TO be October before debt-laden Eurotunnel's negotiations with its bankers are concluded, the company admitted this week. It declined to reveal more details because it has signed a confidentiality agreement while the negotiations continue.
Eurotunnel remains under threat of bankruptcy because of its £6.5bn debt. It is not making enough profit to pay the interest on this debt, so the firm is asking the banks to write off all or some of it.
This week the firm's shares were trading at 16p, but even that might overvalue the company if it cannot agree a deal with the banks.
• Eurotunnel has appointed JeanPierre Trotignon as chief operating officer.