Infos Transport (Patrice Salini)

Banks derail Eurotunnel’s freight plan _____________________________________ Eurotunnel’s banks have declined to back the company's plan to launch a European rail freight service. In February, Eurotunnel announced plans to build a ?7 million terminal at Folkestone, UK and haul freight trains to Basle in Switzerland. (5/26/2004) Already owed ?6.4 billion, the company's banks reportedly refused to support the idea, only a month after French rebel directors ousted Eurotunnel’s board and took control of the company. The refusal is seen as a signal that bankers Citigroup, MBIA and Credit Agricole, will take a hard line in future debt restructuring negotiations. Last year, the beleaguered Eurotunnel posted a net loss of almost €1.9 billion (£1.25 billion). Investors have watched their investment drop 90% of its value since the shares were listed in 1987, as construction costs spiralled, revenues failed to meet forecasts, and debt reached €9 billion. Source : www.ey...