Morton freezes loan interest payments
Article Abstract:
Eurotunnel has decided to suspend payments on 8 billion pounds sterling of debt, and it is now possible that the 225 banks which have lent money to the company could have to make bad-debt provisions amounting to 2 billion pounds sterling. The company estimates that it will require 1-2 billion pounds sterling to cover its future cash requirements if it were to be refinanced straight away with new equity. Shareholders will now probably have to put forward more money or face a large dilution of their stake in the company.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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Eurotunnel to claim 2bn pounds sterling costs
Article Abstract:
The UK and French governments have failed to deliver some of their undertakings to private investors, and have therefore left Eurotunnel to face higher than expected costs, according to the company. It is now to make claims against the governments which could amount to 1 billion pounds sterling. It is also to take action against TML, which built the Channel tunnel, for the costss of defective equipment. This claim could also reach up to 1 billion pounds sterling.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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Banks face EIB cash call
Article Abstract:
The European Investment Bank (EIB) is calling in guarantees made by banks on its investment in the Eurotunnel project following the unilateral announcement by Eurotunnel that it is suspending interest payments. It may prove difficult to reach agreement on financial restructuring, and Japanese banks, which are facing particular problems with domestic bad debts, may need to call for government intervention.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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