Page 104 - Built Expressions - Online Construction Magazine - November 2014 Issue

Connectivity Set Free Fire in the terminal and fxed equipment banks agreed in principal to the In 1996, many people’s fears about work. Third, the rolling stock costs restructuring plan outlined. the Channel Tunnel came true a fre had been seriously underestimated. Based on this agreement a fnal raged in one of the Channel Tunnels. The rolling stock itself was more settlement about debt restructuring As a train raced through the southern complex than initially conceived and was expected to be reached with tunnel a fre had started on board. The the market was very tight resulting the syndicate of 220 banks and train was forced to stop in the middle in higher than expected bids from shareholders in early 1997. During the of the tunnel not close to either Britain suppliers. In addition, TML had made summer and autumn of 1996, both or France. Smoke flled the corridor large claims for additional expenses passenger and freight traffc through and many of the passengers were and this affected the cost forecasts. the Tunnel was growing fairly rapidly overwhelmed by the smoke. After From mid-1989, Eurotunnel had to and prospects seemed better. 20 minutes all the passengers were struggle to retain access to the Credit rescued but the fre continued to rage. Agreement facilities and from October High-Speed Line The fre managed to do considerable 1989, the banks had to waive a number One of the most helpful things leading up damage to both the train and the of breaches of the Credit Agreement. to the fotation was the announcement tunnel before it was put out. It took almost 18 months to develop the high-speed line joining the Tunnel and implement the second round of to Paris, Lille and the Belgian border Unforeseen Problems fnancing in November 1990. would defnitely go ahead. Eurotunnel First tunneling progress was initially had been lobbying hard for this and poorer than expected (due in part to RE-Structure it was vital to the success of the share imprecise specifcation of the tunnel Increasing expenditures and delayed launch since it reduced the London to boring machines). The contractor had opening led to further diffculties. Paris journey time to 3 hours making also underestimated the challenge Diffcult negotiations with the banks led the Tunnel very competitive with the of organizing the logistical support to the appointment of an independent airlines. for the boring machines and the cost arbitrator in February 1996. Finally After completion of the funding controls were not wholly adequate. in October 1996, the Steering Group arrangements in 1987, it was generally Second, there were some changes representing the syndicate of 220 thought that 1988 a quieter year on roughguides.com PG 104 Built Expressions Vol: 3 Issue: 11 November 2014