What is the future for Eurotunnel?
As chairman Jacques Gounon admits, the company has until October to reach an agreement with its creditors or else face bankruptcy. Mr Gounon promises a bullish approach to the ongoing negotiations, while Mr Raymond wants more diplomacy and agreement. Some analysts believe a majority of shareholders will back Mr Gounon because his tough approach – refusing to give creditors shares – better protects their stake in the firm. But others say Mr Gounon’s current plan will not be successful and that shareholders should instead back Mr Raymond, because his policy is more realistic. The vote, which also comes weeks after Eurotunnel reduced prices, will be known sometime on Friday. One shareholder group – Adacte – says that whatever the result of the vote, the dispute has not been helpful. “Fighting over power is just astonishing in a company where shareholders have lost so much money,” said Joseph Gouranton, chairman of Adacte and a member of the Eurotunnel board.
