Eurotunnel, the Anglo-French company that owns and operates the sub-sea rail link between Britain and France, is seeking court protection from its creditors – and a good thing too. The Paris Tribunal de Commerce is expected on 25 July to place the company under a procédure de sauvegarde – the new French equivalent of America’s Chapter 11 bankruptcy proceedings. That will allow Eurostar trains, together with the freight trains and vehicle-carrying shuttles that use the tunnel between Britain and France, to keep running. It will also empower Eurotunnel’s executive chairman, the indefatigable Jacques Gounon, to keep running the business while a court-appointed official takes over the job of trying to achieve the financial restructuring needed to put Eurotunnel on a sound financial footing. Time is pretty tight.
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- Katie Holmes spotted at the beach; adrenaline is filling his blood, his heart was broken and mine too.
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