BusinessBusiness RecoveryEurotunnel accounts delayed again

Eurotunnel accounts delayed again

Prolonged financing negotiations extend accounts delay

Eurotunnel, the operator of the channel tunnel, has had to withhold the
publication of its accounts for the second time as delays continued to plague
the company’s financial restructuring negotiations.

The company’s shares were suspended from the London Stock Exchange and
Euronext because it did not file its accounts on time. The group said that it
planned to publish the figures in the middle of May, when it expected to have
rounded up restructuring talks. The business is deep in debt and has been in
desperate negotiations with creditors.

The financial restructuring has taken longer than anticipated, forcing
Eurotunnel to extend the suspension of its shares and hold back from publishing
its accounts as planned.

The business is in discussions about its debt with a consortium led by
investment banks Goldman Sachs and Macquarie. The delay is believed to have been
caused by a possible enlargement to this consortium.

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