AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Cardo resigns from Eurotunnel board.
(From Lloyds List)
Byline: Massive and mounting debts spark revolt, writes Andrew Spurrier
THE new management team of Channel Tunnel operator Eurotunnel has run into an internal revolt over its failure so far to take measures to deal with the company's massive €9bn ($12bn) debt.
A member of the recently reconstituted Eurotunnel board has resigned, complaining that management has failed to honour its promise to take decisive action to deal with the debt, while a French shareholder grouping has accused the new team of devoting its energy to internal restructuring rather than to the more urgent task of resolving its debt problem.
Resigning board member, Pierre Cardo, a member of parliament for France's governing UMP party, joined the Eurotunnel board last April after the overthrow of the previous board and management team.
Announcing his decision, he told a French newspaper: 'Too many things displease me.
'According to the commitment made by the new management on April 7, we were supposed to adopt a strategy allowing us to face up to the creditors to deal with the problem of the debt, which stands at € 9.5bn.'
- Eurotunnel board goes into emergency session.
- Newspaper article from: Financial News April 7, 2004 700+ words
Byline: Miles Costello The board and top management of Eurotunnel, the operator of the Channel Tunnel, under seige by rebel shareholders and creaking under [euro]9.7bn ([pounds sterling]6.4bn) of debt, have gone into an emergency meeting ahead of the group's annual meeting in Paris.Rebel
- Eurotunnel board in breach of law.
- Newspaper article from: Financial News April 11, 2004 700+ words
Eurotunnel's annual meeting left the Channel tunnel operator in breach of French financial law because of a failure to appoint an auditor. The situation adds to the legal woes surrounding Eurotunnel's new management. Rebel shareholders threw out the motion for the auditor's appointment last
- Axe poised over Eurotunnel board.
- Newspaper article from: The Evening Standard (London, England) April 7, 2004 700+ words
Byline: PIERRE TRAN;JIM ARMITAGE PRIVATE shareholders in Channel Tunnel operator Eurotunnel look set to sack the entire board today after seeing their stakes collapse. Millions of British and French punters bought shares when they were launched to fund development of the Tunnel in 1987. But their
- French Legal Investigation: Eurotunnel Board Supports Directors and Rejects...
- Press release article from: Business Wire May 17, 2000 700+ words
Business Editors PARISBUSINESS WIREMay 17, 2000 The joint Board of Eurotunnel, at its regular meeting today prior to the AGM, noted the decision by the French magistrate investigating two sets of claims by a small number of French shareholders to hear evidence from ("mise en examen") six of
- Bad debt problem not as severe as expected this year -MinFin (Part 2).
- Newspaper article from: Russia & CIS Business and Financial Newswire May 26, 2009 700+ words
Bad debt problem not as severe as expected this year...MOSCOW. May 26 (Interfax) - The bad debt problem in Russia will not be as severe as...Sergiyenko told reporters. "The bad debt problem is being resolved gradually, by restructuring...
- Bad debt problem not as severe as expected this year -MinFin.
- Newspaper article from: Russia & CIS Business and Financial Newswire May 26, 2009 700+ words
Bad debt problem not as severe as expected this year...MOSCOW. May 26 (Interfax) - The bad debt problem in Russia will not be as severe as...Sergiyenko told reporters. "The bad debt problem is being resolved gradually, by restructuring...
- The debt problem of Sub-Saharan Africa.
- Magazine article from: Finance & Development Greene, Joshua June 1, 1989 700+ words
...During the last few Years, the external debt problem facing the Sub-Saharan African countries...less than $600 a year. Origins of the debt problem This region's external debt problem has its origin in government actions, in...
- BELARUS-UKRAINE-DEBT-PROBLEM-SETTLEMENT.
- Newspaper article from: Ukraine News October 18, 2005 700+ words
BELARUS-UKRAINE-DEBT-PROBLEM-SETTLEMENT Premiers ready to tackle Ukrainian debt problem Minsk, October 18 (Interfax-West...he much appreciated the solution to the debt problem offered by Belarusian Premier Sergey Sidorski...
