Eurotunnel Everyone will feel pain

So that drama is over. Jacques Gunon survived a vote on his future as the chairman and chief executive of Eurotunnel. Now the tough part begins: restructuring Eurotunnel’s debts. The process will be painful for all. Eurotunnel’s over-leveraged balance sheet is simply too big. The company carries £6.3bn of debt, split into three tranches. There is £400m of senior debt, a wedge of junior debt worth £4bn, and another £1.9bn of quasi-equity <<infra-junior>> debt. This consists of funny m...