Eurotunnel celebrates share issue

Eurotunnel says it has broken with its troubled past

Channel Tunnel operator Eurotunnel has hailed its current share issue as a success, having raised 641 million euros (�508m) so far from investors.

Existing investors acquired 70% of shares offered to them and new shareholders are now being given the opportunity to purchase the remainder.

Chairman Jacques Gounon said the "great success" of the process demonstrated the level of support for the firm.

The proceeds of the issue will be used to help pay off creditors.

Eurotunnel was hampered by high debt levels for many years, but a restructuring last year saw its debts more than halve to about �3.1bn.

The firm made a �795,000 profit last year, the first in its history.

Eurotunnel said it hoped to increase the number of major financial institutions owning shares in the company.

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