Eurotunnel’s new owners Groupe Eurotunnel announced its first annual profits this week, amidst its huge restructuring programme for its debts. The company has struggled with its debt since opening in 1994, but brokered a deal with its creditors last year. This agreement cuts Eurotunnel’s debt from 9.2bn Euros to 4.2bn Euros.
Groupe Eurotunnel’s restructuring plan involves getting shareholders to swap their shares to the new company, which saved the organization from bankruptcy, but this means that shareholders no longer get unlimited free travel.
The company says its sales have grown 15% at constant exchange rates for first three months of 2008, giving bosses optimism about beating future projections.