The tunnel is in bankruptcy since almost a year
Spain and France could stay with the AVE tunnel linking the two countries through the Pyrenees. After the ACS and Eiffage companies which were responsible for operating the tunnel entering bankruptcy, both countries consider operate it jointly.
According to Europa Press, they are conducting negotiations between the two States to manage the tunnel by the respective managers of public companies -ADIF rail networks in the Spanish case and RFF by France-.
AVE tunnel is one of the most important strategic infrastructure linking the two countries, there is a bilateral agreement reached to try to manage this important communication. The bankruptcy process of companies that currently manage is not yet resolved and is under bankruptcy process. Precisely because the process is still underway can not be confirmed that both countries will take the operation until it is resolved.
Both companies have until the 20th of June to present a proposed agreement to get rid of the competition trailing since last September and avoid liquidation. On the other hand, the board provided by creditors is scheduled to be held in September, three months after filing its covenant of salvation.
The union of these companies began in 2003 when ACS and Eiffage contracted the construction and the operation of the tunnel that would link Spain and France through the Pyrenees were awarded. The project involved an outlay of 1,000 million euros, of which 600 came from public funds provided by Spain, France and the EU.
Infrastructure bankruptcy cases
AVE infrastructure is not the only one who is bankrupt. In Spain there are already several toll roads which have a similar situation. In total it is estimated that eight Spanish toll roads are in this precarious situation. Among them is the Ap-7 in Tarragona-Alicante stretch which is exploted by the Abertis company and its concession expires in November 2019.
At other major infrastructure highways due to the economic crisis they have gone bankrupt or have unviable by other factors such as the airports of Castellon and Ciudad Real, which are also added to the list. The first had an investment of approximately 150 million euros, while the latter amounted to 1,100 million euros of private capital.
