Eurotunnel makes another Loss as Debt Fears Increase
14 Apr 2006
Eurotunnel has been forced to postpone its full-year results, admitting that its auditors had initiated an "alert procedure" over the continuity of its operations in 2007. It made a net loss last year of "slightly above" €300m (£207m) compared with one of €836m in 2004.
The Cheriton based operator warned that it could run out of cash early next year and asked its creditors for an extension of talks over rescheduling its £6.2bn of debts. It also reported a sharp drop in passenger, truck and freight traffic in the first quarter of this year.
The Eurotunnel chairman said that getting creditors to negotiate together meant that a "final push" for a restructuring could be mounted and a deal put to the annual meeting on June 30.
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