Editing Getlink (section)

===Foundation and early activity===
Getlink's origins can be traced to the formation of ''Groupe Eurotunnel'' on 13 August 1986; it was established in accordance with the [[Treaty of Canterbury (1986)|Concession Agreement of 1986]] between the governments of France and the United Kingdom with the goal of financing, building and operation of a [[Channel Tunnel|tunnel]] between England and France.<ref name=history>{{cite web |url = http://www.eurotunnel.com/ukcP3Main/ukcCorporate/ukcTunnelInfrastructure/ukcDevelopment/ukpHistory |title = History |publisher = Eurotunnel |date = 30 November 1984 |access-date = 27 April 2010 |archive-url = https://web.archive.org/web/20101123153410/http://www.eurotunnel.com/ukcP3Main/ukcCorporate/ukcTunnelInfrastructure/ukcDevelopment/ukpHistory |archive-date = 23 November 2010}}</ref><ref name=autogenerated1>{{cite web |title = Eurotunnel 2005 Annual Review |url = http://ww1.eurotunnel.com/NR/rdonlyres/D8313D6F-2EAB-4FA7-85DB-8A822E0E3A3E/0/UK_2_partie_RA2005.pdf |accessdate = 10 December 2007 |url-status = dead |archiveurl = https://web.archive.org/web/20080530173047/http://ww1.eurotunnel.com/NR/rdonlyres/D8313D6F-2EAB-4FA7-85DB-8A822E0E3A3E/0/UK_2_partie_RA2005.pdf |archivedate = 30 May 2008 }}</ref> Groupe Eurotunnel awarded a contract for the tunnel's construction to the  bi-national project organisation [[TransManche Link]] (TML).<ref name="Wilson pp. 14–21">Wilson 1194, pp. 14–21.</ref> Furthermore, the company employed ''Maître d'Œuvre'' to act as a supervisory engineering body under the terms of the concession that monitored and reported on the project.<ref name="Kirkland pp.10–11">Kirkland pp. 10–11.</ref>

While TML designed and built the tunnel, financing was handled by Groupe Eurotunnel; however, the British and French governments controlled final engineering and safety decisions, later formalised through the [[Channel Tunnel Safety Authority]]. The British and French governments gave Eurotunnel a 55-year operating concession, originally running from 1987; this was extended by 10 years to 65 years in 1993.{{sfn|Foreign & Commonwealth Office|1994|p=5}} Private funding for such a complex infrastructure project was of unprecedented scale. An initial equity of £45&nbsp;million was raised, then increased by £206&nbsp;million private institutional placement, £770&nbsp;million was raised in a public share offer that included press and television advertisements, a syndicated bank loan and [[letter of credit]] arranged £5&nbsp;billion.<ref name="Wilson pp. 14–21"/> The final cost for the tunnel's construction came to around £9.5&nbsp;billion, roughly double TML's original estimate of £4.7&nbsp;billion.<ref>{{cite news |last = O'Connell |first = Dominic |url = http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article786128.ece |title = Channel tunnel project has made Britain £10bn poorer |newspaper = The Times |date = 8 January 2006 |access-date = 17 December 2013 |archive-url = https://web.archive.org/web/20110612090314/http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article786128.ece |archive-date = 12 June 2011}}</ref><ref name="Flyvbjerg p. 12">Flyvbjerg et al. 2003, p. 12.</ref> This overrun has been attributed, in part, as a response to enhanced safety, security, and environmental demands.<ref name="Flyvbjerg p. 96/97">Flyvbjerg et al. 2003, pp.&nbsp;96–97.</ref> Financing costs were 140% higher than forecast.<ref name="Flyvbjerg p. 3">Flyvbjerg et al. 2003, p. 3.</ref>

Construction of the tunnel took place between 1988 and 1994; at the peak of construction activity, roughly 15,000&nbsp;people were employed while in excess of £3&nbsp;million was being expended each day.<ref name="Anderson Story p xvi-xvii">Anderson 1994, pp. xvi–xvii.</ref> On 6 May 1994, the completed tunnel was officially opened by [[Elizabeth II|Queen Elizabeth II]] and President [[François Mitterrand]], regular services commenced later that same month.<ref name=history/> In its first year of operation, Groupe Eurotunnel lost £925&nbsp;million, which was attributed to disappointing revenue from both passengers and freight traffic, as well as heavy interest charges on its £8&nbsp;billion of debt.<ref>{{cite news |last = Ipsen |first = Erik |url = http://www.iht.com/articles/1996/04/23/chun.t.php |archive-url = https://archive.today/20120904190131/http://www.iht.com/articles/1996/04/23/chun.t.php |url-status = dead |archive-date = 4 September 2012 |title = Bank debt causes £925m loss at Eurotunnel |newspaper = International Herald Tribune |date = 23 April 1996 |access-date = 27 April 2010}}</ref> The poor fiscal performance can also be partially attributed to the phased opening of the tunnel; various services awaited approval from the Channel Tunnel Safety Authority, some of which did not receive permission to commence until over a year after the tunnel's official opening date.<ref name="rail-253">{{cite magazine |page = 15 |magazine = [[Rail Magazine]] |number = 253 |first = Barrie |last = Hughes}}</ref>

On 10 July 1997, a financial restructuring plan was approved by Groupe Eurotunnel's shareholders.<ref name=history/> On 19 December, both the British and French governments officially agreed to extend its concession to 2086. On 7 April 1998, the financial restructuring process was officially completed. On 30 December 1999, as required by the Concession Agreement, Groupe Eurotunnel presented a road tunnel project to the British and French governments.<ref name=history/>