French hold up Eurotunnel accounts
KPMG and Mazars & Guerard's auditors will not sign off the accounts until the debt restructuring is complete
KPMG and Mazars & Guerard's auditors will not sign off the accounts until the debt restructuring is complete
The French auditors of Eurotunnel, KPMG and Mazars & Guerard, are still
refusing to sign off its accounts despite the embattled company’s efforts to
secure a rescue refinancing.
A Eurotunnel spokesman said the group’s auditors would not sign off the
accounts until the debt restructuring was complete.
The Channel Tunnel operator has been suspended from trading on the London
Stock Exchange since May after missing the deadline to file its accounts. The
company said the board would consider the accounts only after talking to its
financial backers.
This week Eurotunnel chief executive Jacques Gounon said the company had
reached a deal with Barclays, Goldman Sachs and the European infrastructure fund
of Macquarie to write off £3.3bn of debt, although a number of subordinated debt
holders had still to decide whether or not to back the refinancing.
‘Until the subordinated debt holders agree to support the plan, the French
auditors will not approve the accounts,’ the Eurotunnel spokesman said.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View articleThe FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...
View article