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12/04/2006
Eurotunnel warns over debt pile
Eurotunnel, the group which runs the Channel Tunnel, has warned that its future is in doubt due to its mountain of debt.
Eurotunnel, which has debts of £6.3 billion, has requested the opening of a new waiver period for negotiations with its creditors.
The new waiver period would run until July 12, with a review planned in mid-May 2006.
Provisional financial results for 2005 showed that Eurotunnel had an improvement of 4% in its operating margin, to £299 million, and a 4% improvement in Shuttle Services revenue, to £295 million - the first since 2002.
Eurotunnel also announced a trading profit of £153 million.
However, the figures showed that total revenue for the first quarter was £131.5 million, a slight fall from £131.6 million in the same quarter last year.
Passenger numbers also showed a large drop, with 370,437 cars and 12,858 coaches travelling through the tunnel in the first quarter - a 16% and 27% drop respectively on the same quarter last year.
Jacques Gounon, Chairman of Eurotunnel, said: "Eurotunnel is undergoing a profound reorganisation which is generating a substantial improvement in operational performance. But beyond this positive new dynamism, we cannot guarantee the future of the Group in 2007 unless there is a global financial restructuring.
"The new waiver which we have just requested should allow us to advance towards that goal. I know that all parties concerned in this negotiation are very aware of its importance."
(KMcA)
Eurotunnel, which has debts of £6.3 billion, has requested the opening of a new waiver period for negotiations with its creditors.
The new waiver period would run until July 12, with a review planned in mid-May 2006.
Provisional financial results for 2005 showed that Eurotunnel had an improvement of 4% in its operating margin, to £299 million, and a 4% improvement in Shuttle Services revenue, to £295 million - the first since 2002.
Eurotunnel also announced a trading profit of £153 million.
However, the figures showed that total revenue for the first quarter was £131.5 million, a slight fall from £131.6 million in the same quarter last year.
Passenger numbers also showed a large drop, with 370,437 cars and 12,858 coaches travelling through the tunnel in the first quarter - a 16% and 27% drop respectively on the same quarter last year.
Jacques Gounon, Chairman of Eurotunnel, said: "Eurotunnel is undergoing a profound reorganisation which is generating a substantial improvement in operational performance. But beyond this positive new dynamism, we cannot guarantee the future of the Group in 2007 unless there is a global financial restructuring.
"The new waiver which we have just requested should allow us to advance towards that goal. I know that all parties concerned in this negotiation are very aware of its importance."
(KMcA)
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