Eurotunnel’s restructuring efforts took a turn for the worse last month as the tunnel operator’s management warned that it may not be able to meet its debt obligations in early 2007. The warning came after Eurotunnel announced a net loss of £570 million in 2004. Management blamed increased competition from cross-Channel ferries and budget airlines.
Eurotunnel chairman Jacques Gounon has now called upon creditors to forgive over €5 billion of outstanding bank and bond debt. “If the debt is not