It is one of the pride of Bercy. While the United States did not save Hertz from bankruptcy, France fled to the aid of Europcar. As soon as the confinement was announced, the French rental company (12,000 employees worldwide) knew that it was playing for its survival. "The counters in stations and in airports closed suddenly and customers stopped reservations," details Louis Margueritte, head of the Interministerial Committee for Industrial Restructuring (Ciri), which supports companies in difficulty with more than 400 employees. Europcar was faced with a 90% drop in turnover and faced a massive liquidity shock. "
So far, the French group created in 1949 has never appeared on Ciri radars. But agency closings massacred its results, with a net loss of 105 million euros in the first quarter. Most of its 1950 employees in France were placed on partial unemployment. What limit the breakage… temporarily.
In Bercy, the case was taken care of without delay. First step, the diagnosis. "We looked at the jobs involved and asked for an audit," says Louis Margueritte. Then we increased the discussions with the banks. And we helped Europcar to prepare a business plan. "
850 million euros savings plan
In the end, the Ciri stamp on the Europcar dossier reassured the creditors. After a month of discussions, the group obtained a State guaranteed loan of 220 million euros, in addition to a loan of 80 million euros.
A savings plan of 850 million euros and a reduction of a third of the fleet should enable it to get its head out of the water… if tourism sets out again. Europcar will also soon be presenting its commercial offers for the summer. But nothing is won in advance.
Investors still doubt the landlord's ability to honor a colossal debt. As evidenced by the stock market price which has collapsed from 4.60 euros in early January to 1.75 euros in recent days. Financial experts are just as skeptical: the rating agency Standard & Poor's caused the group's rating to plummet from B- to CCC +. Still in the category… at risk.