Eurotunnel, the debt-laden operator of the Channel Tunnel rail link, revealed today that cut-throat competition from new rivals had driven down its revenues in the three months to September 30. The firm promised to present its long-awaited three-year plan at the end of the month.

A spokesman for Eurotunnel, led by new group chief executive Jean-Louis Raymond, said there "is no update at this stage" on talks with creditors, who are waiting for the group's proposals on how to restructure its £6.4bn (€9.2bn) of debt.