BusinessBusiness RecoveryEurotunnel two months away from bankruptcy

Eurotunnel two months away from bankruptcy

French boss issues dire insolvency warning

Jacques Gounon, the chairman of channel tunnel operator Eurotunnel, has asked
a French court to freeze its debts so it can continue operating after warning
that it is just two months away from going insolvent.

Eurotunnel has a £6.2bn debt mountain and needs to restructure repayments of
this to avoid collapsing.

Gounon warned: ‘If we cannot present plans before the end of September then
the end of the story is easy to write.”

The end result, he said, would be ‘liquidation’.

Eurotunnel has been trying to persuade its bondholders to back a deal to cut
its debt pile in half but a group of creditors has refused to support the
proposals.

The court is expected to make its decision on 25 July. 

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor