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Period: to
Eurotunnel Timeline
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Intiation of Project
Initiation of the project by the British and French governments. -
Prosposal
Proposal of a rail tunnel system is chosen by the governments -
Treaty Signed
Franco-British Channel Tunnel Treaty is signed -
Concession Agreement
Signing of the Concession Agreement by the French and British governments, Channel Tunnel Group Ltd. and France Manche S.A.: BOOT-Project,6 concession period until July 2042. -
Eurotunnel group is founded
Eurotunnel group is founded Construction Contract is signed (commissioning date scheduled for May 1993) -
Railway Usage Agreed
Ratification of the Treaty; Railway Usage Contract signed with British Rail and SNCF7 -
Credit Agreement
Credit Agreement: £5 billion; over 200 participating banks IPO: £770 million -
Tunnelling started
Start of tunnelling -
First Violation
First violation of covenants of the Credit Agreement -
Additional Finances Requested
Additional £1.8 billion bank loan, £300 million European Investment Bank (EIB) facility -
Concession Period Extended
Breakthrough in the service tunnel In exchange for waiving Eurotunnel’s claims against the governments the concession period is extended to July 2052 -
Additional Loan Supplied
Additional loan facility of £200 million by European Coal and Steel Community (ECSC) -
Tunnel Completed
Completion of the tunnel, fitting out, testing