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Eurotunnel close to sinking

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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.”

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