SeaFrance, which operates ferry services between Dover and Calais, is to cut 725 jobs to stem its losses.
The plan has been put to trade unions and officials hope to implement the redundancies next month, leaving the company with a workforce of about 850.
Managing director Robin Wilkins said the job losses, which are all in France, will be a major step forward in saving the company.
"We're still haemorrhaging cash. It's important we stabilise that position."
Mr Wilkins said he did not expect any industrial action over the plan.
"I think there's a growing realisation amongst our trade union partners that the company is in great difficulties... and it's time to accept this is the way forward.
"It's been extremely well thought out over the last few weeks.
"I believe that there is now a willingness on all sides that this plan be put in place and the future of the company be assured."