Europcar finally sees the end of the tunnel.
Hard hit by the fall in tourism, the car rental company has reached an agreement with its creditors to write off a large part of its heavy debt.
Its bonds will thus be converted into capital, which will reduce the slate by 1.1 billion euros, out of a total of 1.3 billion in “corporate” debt.
At the end of the transaction, its creditors, including the Anchorage, Marathon, Diameter and Attestor investment funds, will hold between 92 and 97% of Europcar's capital.
The agreement also provides for a
"significant"
injection
new liquidity from creditors to help the lessor, which employs more than 10,000 people, to go up the slope.
In total, 250 million euros will be provided in capital, and 225 million will be used to finance its vehicle fleet.
Europcar had also obtained a EMP of 220 million euros in the spring.
Read also:
The State flies to the aid of Europcar
The debt conversion must be approved by the general meeting of Europcar,
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