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Eurotunnel Timeline

By nriner
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    Eurotunnel Timeline

  • 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