EUROSTAR GETS NEW LEASE ON LIFE
The fate of train service Eurostar doesn't seem quite so terminal after the company negotiated a new 290 million euro financing agreement on Tuesday that paves the way for the train service's recovery, according to Euronews.
In a statement sent to Euronews, Eurostar announced that it has reached a refinancing agreement with its shareholders and banks.
"The refinancing package of £250m (290m euros) mainly consists of additional equity and loans from a syndicate of banks guaranteed by the shareholders: SNCF, the French state railway group and Eurostar’s majority shareholder, Patina Rail LLP, a vehicle backed by Caisse de dépôt et placement du Québec (“CDPQ”) and funds managed by the Infrastructure team of Federated Hermes, and SNCB, the Belgian state train operator," the statement read.
Jacques Damas, Chief Executive of Eurostar, said: “Everyone at Eurostar is encouraged by this strong show of support from our shareholders and banks which will allow us to continue to provide this important service for passengers. The refinancing agreement is the key factor enabling us to increase our services as the situation with the pandemic starts to improve.”
The COVID-19 pandemic and travel restrictions have battered the finances of the cross-Channel train service, causing passenger numbers to collapse by 95 percent since last March.