Europcar Mobility Group Announces Today Its Intent to Commence Discussions in Order to Achieve a Financial Restructuring, Whi...
07 Septembre 2020 - 7:00PM
Business Wire
Regulatory News:
Europcar Mobility Group (Paris:EUCAR):
In the publication of its H1 results on July 28th 2020, the
Group set out the strong impact of the Covid-19 crisis during the
first half of 2020, indicating that its current capital structure
weighs on its ability to ensure a proper path to recovery. The
Group indicated that it was therefore evaluating its short and
long-term alternatives to address its capital structure and
liquidity constraints, with a view to ensuring sufficient financial
resources to enable the Group to adapt to the new environment.
What has been seen across the board in the travel and leisure
sectors this summer demonstrates that the recovery of these
industries to pre-Covid levels will be very slow. Furthermore, as
Covid-19 continues to be present throughout the world, the timing
of the recovery remains highly uncertain.
In that context, the Group announces today that it intends to
commence discussions with its corporate debt creditors with a view
to achieving a financial restructuring. The Group’s objective is to
ensure a sustainable capital structure adapted to its level of
revenue, with reduced corporate indebtedness and appropriate
liquidity. The market will be informed in due time of the outcome
of these discussions, the duration of which is currently
undetermined.
In order to facilitate these discussions, the Group wishes to
have the ability for its main holding companies to request the
appointment of a mandataire ad hoc and/or a conciliateur, which
requires the agreement of various financial creditors of the Group,
in accordance with the relevant credit agreements and bond
documents.
The Group intends to request the relevant consents in the near
term.
As Covid-19 has profoundly reshaped mobility ecosystems, the
Management Board of the Group is committed to accelerating the
implementation of its “Connect 2021-2023” transformation plan, in
order to redesign its offers and services around new customers’
needs and expectations: notably a rising demand for contactless,
fully digital, as well as sustainable, mobility solutions.
The Group is convinced that it is taking the appropriate
measures to be in a good position to fully benefit from the travel
and leisure industry rebound and play a key role in a reshaped
mobility sector in the coming years.
Rothschild & Co is acting as financial advisor and Darrois
Villey Maillot Brochier, Gide Loyrette Nouel, and Kirkland &
Ellis, as legal advisors to Europcar Mobility Group.
About Europcar Mobility Group
Europcar Mobility Group is a major player in mobility markets
and listed on Euronext Paris. The mission of Europcar Mobility
Group is to be the preferred “Mobility Service Company” by offering
attractive alternatives to vehicle ownership, with a wide range of
mobility-related services and solutions: car rental and light
commercial vehicle rental, chauffeur services, car-sharing and
private hire vehicle (PHV – rental to “Uber like” chauffeurs).
Customers’ satisfaction is at the heart of the Group’s mission
and all of its employees and this commitment fuels the continuous
development of new services. Europcar Mobility Group operates
through a diversified portfolio of brands meeting every customer
specific needs and use cases, be it for 1 hour, 1 day, 1 week or
longer ; its 4 major brands being: Europcar® - the European leader
of car rental and light commercial vehicle rental, Goldcar® - the
low-cost car-rental Leader in Europe, InterRent® – ‘mid-tier’ car
rental and Ubeeqo® – one of the European leaders of round- trip
car-sharing (BtoB, BtoC). Europcar Mobility Group delivers its
mobility solutions worldwide solutions through an extensive network
in over 140 countries (including wholly owned subsidiaries – 18 in
Europe, 1 in the USA, 2 in Australia and New Zealand – completed by
franchises and partners).
Further details on our website:
www.europcar-mobility-group.com
Forward-looking statements
This press release includes forward-looking statements based on
current beliefs and expectations about future events. Such
forward-looking statements may include projections and estimates
and their underlying assumptions, statements regarding plans,
objectives, intentions and/or expectations with respect to future
financial results, events, operations and services and product
development, as well as statements, regarding performance or
events. Forward-looking statements are generally identified by the
words “expects”, “anticipates”, “believes”, “intends”, “estimates”,
“plans”, “projects”, “may”, “would”, “should” or the negative of
these terms and similar expressions. Forward looking statements are
not guarantees of future performance and are subject to inherent
risks, uncertainties and assumptions about Europcar Mobility Group
and its subsidiaries and investments, trends in their business,
future capital expenditures and acquisitions, developments in
respect of contingent liabilities, changes in economic conditions
globally or in Europcar Mobility Group’s principal markets,
competitive conditions in the market and regulatory factors. Those
events are uncertain; their outcome may differ from current
expectations which may in turn materially affect expected results.
Actual results may differ materially from those projected or
implied in these forward-looking statements. Any forward-looking
statement contained in this press release is made as of the date of
this press release. Other than as required by applicable law,
Europcar Mobility Group does not undertake to revise or update any
forward-looking statements in light of new information or future
events. The results and the Group's performance may also be
affected by various risks and uncertainties, including without
limitation, risks identified in the "Risk factors" of the Annual
Registration Document registered by the Autorité des marchés
financiers on May 6, 2020 and also available on the Group's
website. This press release does not contain or constitute an offer
or invitation to purchase any securities in France, the United
States or any other jurisdiction.
https://investors.europcar-group.com/results-center /
www.europcar-mobility-group.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200907005353/en/
Investor Relations Caroline Cohen –
caroline.cohen@europcar.com + 33 1 76 36 86 02
Rothschild & Co Arnaud Joubert
– arnaud.joubert@europcar.com Camille Pochat –
camille.pochat@rothschildandco.com Henry Barrault –
henry.barrault@rothschildandco.com
Press Relations Valérie Sauteret –
valerie.sauteret@europcar.com +33 6 72 93 31 05 Vincent Vevaud –
vincent.vevaud@europcar.com +33 6 72 93 31 05
Publicis Consultants Laurent Glépin
– laurent.glepin@publicisconsultants.com +33 6 08 57 02 82 Camille
Madec - camille.madec@publicisconsultants.com