Your upcoming train journey

13 April 2012
Will my train to Paris still run in the

morning?

Yes. The board will probably be completely

overhauled tonight but management on the ground

will remain in place. Eurostar, which operates the

passenger trains, says it‘s 'business as usual'.

I‘ve used the tunnel and it‘s great. Why is it

not making money?

The architects of the project overestimated how

many people would use it, and the events of 9/11

reduced the number of American tourists.

So were shareholders always doomed?

Yes. Even chief executive Richard Shireffs says

Margaret Thatcher‘s refusal to allow subsidies by

the taxpayer meant it would never escape its debts.

What do these rebels want?

Tougher negotiations with the banks, bigger small investor

presence on the board and a State bailout.

Will they get them?

Probably not. Eurotunnel is technically barred

from receiving State aid. The French may find a

way around those rules but Chancellor Gordon

Brown will have little appetite. Meanwhile, the

banks, owed £6.4bn, hold all the cards.

So what is likely to happen?

The situation remains very fluid. Depending on

the attitude taken by the new board, the banks

could step in and take over within days. But they

will want to keep the trains running.

Who leads the rebels?

Convicted fraudster and failed right-wing

presidential candidate Nicolas Miguet. His

proposed all-French board includes a right-wing

MP and a former merchant banker being probed

over money-laundering.

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