Chunnel firm in court move over debts
13/07/2006 - 07:35:24Channel Tunnel operator Eurotunnel today applied for legal protection from its creditors after last-ditch talks to avoid bankruptcy broke down.
The struggling company asked a French court to freeze its massive debts so it can continue its cross-Channel operations while a court-administered survival plan is worked out.
It came after two days of talks between Eurotunnel and its creditors collapsed without agreement on how to tackle its crippling £6.2bn (€8.9bn) debt mountain.
The company said: “Eurotunnel is now forced to place itself under the protection of the Commercial Court of Paris.”
