Lickszz Posted February 10, 2004 Share Posted February 10, 2004 In the run up to the tenth anniversary Eurotunnel have announced their latest finanacial results; A £1.3bn loss. Their total debts are now over the £6bn mark. How can they ever expect to trade out of these debts when they are nowhere near to meeting their projected targets for rail passengers and freight. The company are now begging the Government to help reduce these debts. Hasn't this tunnel been refinanced once already? What should be decided about the future of the tunnel? Was it a big mistake? http://www.timesonline.co.uk/article/0,,5-995812,00.html Link to comment Share on other sites More sharing options...
fnkysknky Posted February 10, 2004 Share Posted February 10, 2004 Wait until it's full of French people then plug the ends Link to comment Share on other sites More sharing options...
Sidla Posted February 10, 2004 Share Posted February 10, 2004 Does it make a profit, or are they being dragged deeper under? Link to comment Share on other sites More sharing options...
Lickszz Posted February 10, 2004 Author Share Posted February 10, 2004 £170 million operating profit does not cover its interest charge of £318 million. Now over £6bn in debt. Link to comment Share on other sites More sharing options...
Sidla Posted February 10, 2004 Share Posted February 10, 2004 Well in that case the government should help by clearing at least part of their debts. I thought the tunnel was government funded anyway. Link to comment Share on other sites More sharing options...
max Posted February 10, 2004 Share Posted February 10, 2004 Originally posted by Sidla Well in that case the government should help by clearing at least part of their debts. I thought the tunnel was government funded anyway. No, it was one of Thatcher's 'private is best' brainchilds. Admittedly, it has cost the tax payer a lot over the years but it was originally intended to have been built by private industry with no risk to us. Ho ho. Link to comment Share on other sites More sharing options...
Lickszz Posted February 10, 2004 Author Share Posted February 10, 2004 The company receives a guaranteed minimum user fees but these are due to be withdrawn in 2006 and also they will be required to make capital repayments on the £6bn debt in 2006 which they are clearly not in a position to do so. It's ok to say let the Government bail them out but it's cost taxpayers on both sides enough money already. Link to comment Share on other sites More sharing options...
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