Europcar could fall into the hands of its creditors

Europcar could fall into the hands of its creditors
Europcar could fall into the hands of its creditors

Posted on Nov 19, 2020 at 2:26 PMUpdated Nov 19, 2020 6:23 PM

Europcar sees the end of the tunnel. Weighted down by nearly 2 billion euros in debt, the car rental company, which has 10,000 employees, could pass into the hands of its creditors. At the end of a bitter battle between the various creditors, the funds which bought back en masse the bond debt of the company proposed, with the agreement of the company, to convert their billion euros of receivables against 92 to 97 % of the capital, from corroborating sources. Among them, the Anglo-Saxons Anchorage, Attestor, Diameter, Marathon and Kingstreet. These creditors hold around 60% of Europcar’s debt.

At this stage, their proposal is not yet fully unanimous in the other bloc of Europcar creditors, who have bought back the 670 million euros of cash lines from banks. In this block are Anglo-Saxon funds, including Centerbridge, Fortress, Cheyne Capital, as well as Barclays and Goldman Sachs. However, three months soon after the start of the negotiations, a way out began to emerge.

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