Eurotunnel chief executive Jean-Louis Raymond said yesterday that he had resigned following disagreement with chairman Jacques Gounon over tackling the channel tunnel operator's debt problem.

"The chairman of Eurotunnel has publicly criticised Eurotunnel management over the last few weeks for purely political reasons," Mr Raymond said in a statement. "The fact that the chairman has chosen to voice publicly his criticism... is quite unacceptable, can only be against the company's interests and has forced me to draw my own conclusions."

His resignation comes before a shareholder meeting on June 17, when Mr Gounon and his colleagues are expected to face attacks from shareholders angry at how the company is trying to restructure its £6.4 billion debt mountain.

If Eurotunnel is unable to reach an agreement with its banks over its debt it faces bankruptcy in 2007, when it must start repaying £4 billion of debt.

The company agreed with its creditors in April on a legal framework for talks to reduce its debt but discussions have since stalled as Mr Gounon has taken a stronger pro-shareholder view before the shareholder meeting, calling for creditors to wipe out €5.7 billion of debt without compensation.