Europcar shareholders approved by a very large majority on Wednesday the restructuring of the lessor linked to the consequences of the health crisis.
Read also: Victim of Covid-19, Europcar is taken over by its creditors
During a general meeting by videoconference, more than 94% of the lessor's shareholders approved the resolutions validating the agreement in principle concluded in November with its main creditors, with a view to wiping out a large part of its heavy debt.
This restructuring, concluded in record time, notably provides for the conversion of bonds into capital, for an amount of 1.1 billion euros - the group's banking and bond liabilities reached 2 billion euros at the end of November 2020.
The existing shareholders have accepted their dilution in favor of the creditors (the Anglo-Saxon funds Anchorage, Attestor, Diameter, King Street Capital and Marathon) who should, following the transaction, hold between 92% and 97% of Europcar.
Attestor and Anchorage, which has become the largest shareholder, are now represented on the board of directors.
This debt conversion is accompanied by the injection of new liquidity with a capital contribution of 250 million euros and new fleet financing for 225 million euros.
"
We have been impacted in an extraordinary way by this crisis
", with a turnover down 45% over one year, underlined to the shareholders Caroline Parot, the president of the management board.
"
We are not happy with what happened,
" said Ms Parot after the vote, but "
we are really proud to be able to continue the group thanks to you
".
The Chairman of the Supervisory Board Jean-Paul Bailly notably thanked Eurazeo which, holding 29.9% of the capital, “went
beyond its strict economic interests to take into consideration the future of a European group and its 10,000 employees
”.
He also thanked the French and Spanish States who have guaranteed nearly 300 million euros in loans granted to the lessor.
With this agreement, Europcar will continue to deploy its “
Connect
” plan, targeting a more flexible, electric and 100% connected offer.
The group has already achieved more than one billion euros in savings on its fleet, its network and its headquarters, underlined Luc Peligry, its financial director.
The restructuring is scheduled for the end of February: the Paris Commercial Court still has to adopt the safeguard plan reflecting the agreement in principle, on February 1, and the AMF approves the prospectus relating to the capital increase .
The group's 2020 results should be presented in early April.
