Europcar Mobility Group Seeks Creditor Consent for Restructuring
Europcar Mobility Group is soliciting consents from its noteholders to facilitate financial restructuring. The aim is to achieve a sustainable capital structure with reduced debt and appropriate liquidity.
Europcar Mobility Group announced on September 30, 2020, that it is seeking consents from holders of its Senior Notes and Senior Secured Notes. The company aims to allow for the appointment of an administrator (mandataire ad hoc) or conciliator (conciliateur) for its main holding companies.
This solicitation is part of a broader effort to restructure the company's finances. Europcar Mobility Group stated its objective is to ensure a sustainable capital structure adapted to its revenue level, with reduced corporate indebtedness and adequate liquidity. The duration of these discussions is currently undetermined.
The consents are required from holders of the 2024 and 2026 Senior Notes, as well as the 2022 Senior Secured Notes issued by EC Finance plc (often referred to as "Fleet Notes"). The solicitations are set to expire on October 7, 2020, unless extended.
Europcar Mobility Group clarified that no decision has yet been made regarding the appointment of an administrator or conciliator, and no steps have been taken to date. The company is scheduled to publish its Q3 2020 results on October 28, 2020.