The rescue plan of EUROTUNNEL

Exposé Comptabilité & finances Finance

Date de publication :

31/12/2007

Langue :

Français

Format :

.doc

Nombre de pages :

14 pages

Niveau :

expert

Consulté :

1 fois

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Sommaire :

Sommaire

Reasons of Eurotunnel's situation
1. Conditions of the project's launch
2. The vices of elaboration
3. The costs skids and the drift's calendar
4. The overvaluation of receipts and disproportionate load of debts
5. The restructuring of 1995-1998
Financial restructuring
1. The legal structure of Eurotunnel
2. EUROTUNNEL and the states
3. The Cantorbery's treaty
4. The concession of public service
5. The inauguration by the heads of state
6. The debts' statement
7. The Eurotunnel's shareholders
8. Eurotunnel and the right of substitution
9. A substitution agreement
10. Answer of the right of substitution
11. Capacity of debt's repayment
Solution to resolve the issue : Historique de la restructuration
1. The plan of the last luck
2. The disappearance of the debt
Negotiation's phase
1. Oppositions of shareholders
2. False information
3. Negotiation strategy
4. Result of negotiation
5. Alternate plans

Résumé :

eurotunnel plc (in the UK) and eurotunnel SA (in France) make up the eurotunnel Group, founded in August 1986, which manages and operates the Channel Tunnel between the UK and France.
It operates the car shuttle and earns revenue on other trains (freight by EWS and SNCF and passenger service by Eurostar) passing through the tunnel. Unfortunately, passenger numbers are around one-third of the original projections.
Heavily indebted, the company has been struggling with the interest on the £10bn it has taken to construct the tunnel. The tunnel costs nearly 6 times more than expected to build and eurotunnel's debts are around $11 billion. Its profits can not even match its interest payments. In order to deal with this, many cuts in services have been introduced with varying success and a third of the staff has been laid off.
The eurotunnel was once expected to take nearly all business away from cross-channel ferry companies, however the increase in passengers has meant there has been enough customers for both.
As part of the original deal, eurotunnel has had to invest in research of another two-storey road tunnel, but for cars only, as the fumes of lorries would be too much. According to the recent actuality concerning this company, we consider that it is interesting to study how they endeavor to solve the different issues.