Troubled Eurotunnel celebrates milestone
Published: 11:34, 29 June 2006
DEBT-CRUSHED Eurotunnel had something to shout about when a pensioner couple became the operator's 100 millionth customers since 1994.
Jacques Gounon, chief executive, welcomed Peter Thynne, 71, and French-born wife Monique, 75, at the Cheriton terminal check-in, presenting them with a luxury food hamper and free travel vouchers.
After arriving at the check-in in their green S-registered Fiat Punto, the surprised couple from Eastbourne were surrounded by local and French journalists.
"I’m gob-smacked," said Mr Thynne, a retired mathematics teacher. "I’ve heard of this happening to other people but I didn’t think it would be us."
For M Gounon, it was a happy interlude from financial headaches.
Eurotunnel has debts of £6.2billion and operational profits do not cover interest payments.
M Gounon has proposed a financial shake-up designed to save the company from bankruptcy. But some small shareholders oppose a deal that aims to halve the debt burden.
On July 27, he faces a crunch vote that may well decide the fate of the company.
"If we want to save the company, there is no alternative," M Gounon said. "We have already experienced three restructurings which failed so it's time to change the way we are managing debt issues and to implement the right plan."
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