Eurostar has been rescued with a package of aid measures, the refinancing package of GBP 250 million (€ 290 million) consists mainly of additional equity and bank loans guaranteed by the shareholders: SNCF (the French state railway group and majority shareholder of Eurostar), Patina Rail LLP (a consortium supported by Caisse de dépôt et placement du Québec (“CDPQ”) and funds managed by the Federated Hermes infrastructure team) and NMBS (the Belgian national railway company).
“Everyone at Eurostar is delighted with this strong show of support from our shareholders and banks, which will allow us to continue our service to passengers. pandemic situation is improving. Eurostar will continue to work closely with governments to ensure the safe relaxation of travel restrictions and streamlining of border processes so that passengers can travel safely and seamlessly. Their coordinated actions and decisions are critical to demand and the financial recovery of our business. ”
Over the past year, this international company has seen a sharp decline in travel demand as a result of the global COVID-19 pandemic. The aid package will enable Eurostar to meet its financial obligations in the short to medium term. In the coming months, the focus will be on building demand for travel on Eurostar's core routes between London and Paris, Brussels and Amsterdam and on maintaining strict cost controls to ensure repayment of the loans. From 27 May, Eurostar will increase the number of trains on its route between London and Paris to two daily returns and then to three per day from the end of June.
Eurostar looks forward to gradually increasing the frequency of its trains over the summer period as travel restrictions are relaxed. Eurostar remains committed to mitigating the impact of climate change, especially in light of the COP26 summit taking place in the UK in November this year and the growing interest of passengers in high-speed rail travel. This refinancing package secures the future of Eurostar as restrictions are easing and travel is gradually starting to resume. The refinancing will give Eurostar an opportunity to recover and complete the merger with Thalys under the Green Speed project, said Eurostar.
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