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@Avalon.red

Pandemic-hit Eurostar secures £250m rescue package

by LLB Editor May 18, 2021

written by LLB Editor 18^th May 21 12:24 pm

Eurostar has secured a £250m rescue package from banks and investors after the pandemic hit passenger demand and profits.

The funding will help keep it afloat in the medium term, a spokesperson said.

Eurostar chief executive Jacques Damas said the funding “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 £250m in funding includes £50m equity from shareholders, £150m in new loans from banks that are guaranteed by shareholders, and £50m from restructured existing bank loans.