City File: Eurotunnel needs another rights issue
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.ANOTHER refinancing, almost certainly involving a rights issue to shareholders, looks increasingly inevitable at Eurotunnel, the Anglo-French Channel tunnel venture. Sir Alastair Morton, Eurotunnel's chief executive, is likely to confirm the new fund-raising plans with the announcement of interim figures tomorrow.
Though the company looks set finally to settle its long-running dispute over costs with the project's contractors, TML, other problems are emerging. The most serious is late delivery of high-speed TGVs to British Rail and SNCF, which means that neither will start using the tunnel for London-Paris traffic until the winter of next year at the earliest, much later than originally planned.
That in turn will create a revenue shortfall in the early months of the the tunnel's operation, prompting the need for fresh finance.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments