While the aviation industry remains in chaos with airports and airlines racking up billions of pounds of losses, the Channel Tunnel has returned to profit. Eurotunnel operates the sub-sea link between England and France, running Le Shuttle trains for cars and lorries.
Is the Eurotunnel a financial success?
Eurotunnel is the largest privately- financed infrastructure in history by a long way. In what it has achieved it has been a stunning success—in its current financial situation it is obviously also a failure at this stage if measured by return on investment.
Is Eurotunnel in debt?
The group has debts of more than £6 billion and media reports suggest directors are keen on offering a debt-for-equity swap for as much as £2bn of the debt, UK national newspapers reported this week.
What are the financial issues with Eurotunnel?
The initial debt financing had to be increased in 1990, completely restructured in 1997, when the project faced insolvency the first time, and revised again in 2002. Since 2005, Eurotunnel's management had to negotiate with its lenders again: Operating cash flows are not even covering interest payable.
Who financed the Channel Tunnel?
A rail tunnel was chosen over proposals for a very long suspension bridge, a bridge-and-tunnel link, and a combined rail-and-road link, and the project was privately financed by a consortium of British and French corporations and banks; the Anglo-French company operating the tunnel is called Eurotunnel.
Has Eurostar ever made a profit?
For a few worrying months, with lockdowns in places and travel quarantines required for most, the high-speed train service was operating a single service a day to Paris and Brussels from London, provided mainly for key workers. In 2019, the last “normal” year of travel, Eurostar recorded a healthy £62.4m profit.
Who is the owner of Eurotunnel?
The tunnel is owned and operated by the company Getlink, formerly "Groupe Eurotunnel". The tunnel carries high-speed Eurostar passenger trains, LeShuttle services for road vehicles and freight trains.
What is the income of Eurotunnel?
Who funded the Channel Tunnel?
The project was financed entirely by private sector capital, including five banks who were part of the TransManche Link consortium. Financing originated partly from investment by shareholders and partly from GBP8 billion of debt (about USD12. 2 billion, 1994 prices).
Is Eurotunnel a private company?
Getlink, formerly Groupe Eurotunnel, is a European public company based in Paris that manages and operates the infrastructure of the Channel Tunnel between England and France, operates the LeShuttle railway service, and earns revenue on other trains that operate through the tunnel (Eurostar passenger and DB Schenker …
Who are the contractors of the Channel tunnel?
Anglo-French consortium Transmarche Link (TML) built the tunnel. TML was made up of companies from the UK and France. UK companies: Balfour Beatty, Costain, Tarmac, Taylor Woodrow, Wimpey. French companies: Bouygues, Dumez, SAE, SGE, Spie Batignolles.
Who financed the Chunnel?
The project was financed entirely by private sector capital, including five banks who were part of the TransManche Link consortium. Financing originated partly from investment by shareholders and partly from GBP8 billion of debt (about USD12. 2 billion, 1994 prices).
Who financed the Channel tunnel?
A rail tunnel was chosen over proposals for a very long suspension bridge, a bridge-and-tunnel link, and a combined rail-and-road link, and the project was privately financed by a consortium of British and French corporations and banks; the Anglo-French company operating the tunnel is called Eurotunnel.
Is the Channel tunnel privately owned?
Getlink, formerly Groupe Eurotunnel, is a European public company based in Paris that manages and operates the infrastructure of the Channel Tunnel between England and France, operates the LeShuttle railway service, and earns revenue on other trains that operate through the tunnel (Eurostar passenger and DB Schenker …
What is the cost overrun for the Eurotunnel?
7) The Channel Tunnel (1.7x budget)The total cost of the project was £9.5 billion (equivalent to £21.8 billion in 2021), which was far over the original budget of £5.5 billion. Part of the reason for the cost overrun was the fact that the geology of the Channel was more complex than expected.