You are here: Home - Uncategorized -

Eurotunnel close to sinking

Written by:

Eurotunnel is in a fragile financial state and has warned that its continued survival depends on being able to restructure its debt mountain. It has been seeking to reduce its £4bn debt since last year.

“We cannot guarantee the future of the group in 2007, unless there is a global financial restructuring,” said Eurotunnel boss Jacques Gounon.

City analyst Colin Perry was less charitable. “This has been a disaster from the outset and how the whole thing has kept going this long is a mystery. If Eurotunnel went bust I’m pretty sure it’d take some of the banks with it.

“If you want an object lesson in how not to run a commercial engineering project then this is it. Passenger numbers are below estimates and I’m not surprised they laid off 900 workers last year.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Smith on the slide?

WH Smith, the troubled high street bookseller and stationer, has reported a continued fall in underlying sales and said that...