Europcar: Paris court approves accelerated financial safeguard plan

By Sarah Lizee

Olympia, Wash., Feb. 3 – Europcar Mobility Group announced that the commercial court of Paris has approved its accelerated financial safeguard plan, according to a Wednesday press release.

The next judicial step of the financial restructuring of the company is the Thursday hearing by which the U.S. courts will examine the seeking of recognition of the accelerated financial safeguard proceedings opened before the commercial court of Paris, as well as the judgment approving the plan of this accelerated financial safeguard.

The plan contemplates a substantial reduction of the group’s corporate debt by €1.1 billion through equitization and a significant new money injection, via capital increases and new fleet financing facilities, totaling roughly €500 million, as previously reported.

Europcar is a Paris-based vehicle rental services provider.

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