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PARIS (Reuters)—Rail operator Groupe Eurotunnel said train operator Eurostar has withdrawn a claim against its insurers over a 2008 tunnel fire, marking a major step towards a final settlement.
Eurotunnel has blamed the court battle, which led to the freezing of 59 million euros ($83.95 million) in insurance indemnities, for recent losses. A small slice worth 11 million ($15.65 million) was released in February.
"Eurostar and (state-owned rail operator) SNCF, its majority shareholder, have withdrawn the claim they have been pursuing against Eurotunnel's insurers for the past two years," Eurotunnel said in a statement. "Eurotunnel appreciates the withdrawal of the litigation, which is a major step towards the final settlement of the affair."
PARIS--Groupe Eurotunnel S.A., which operates the infrastructure of the channel tunnel link between France and the United Kingdom, said lost revenue and rebuilding costs from a fire last month would be covered by insurance.