International Business

Eurotunnel Expects Sales Increase: The heavily indebted Anglo-French channel tunnel operator said it sees sharply higher sales for 1996 and dismissed market talk of pending bankruptcy. Co-Chairman Patrick Ponsolle told a news conference in Calais, France, that he expects the company to reach the break-even point at the operating level this year. Revenue for 1995 is expected to be between $430 million and $440 million. The company said it believes the bankruptcy rumors were put out by market operators who were short-selling shares in the hope of buying them back more cheaply. Eurotunnel's other co-chairman, Sir Alistair Morton, said he expects to report to shareholders on the progress of talks with Eurotunnel's 225 banks in early February.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
65°