Europcar restructuring steers clear of state rescue loan

Europcar adobe stock 575x375
By Owen Sanderson
01 Dec 2020

Europcar is one of the first large companies to restructure with a big state-backed Covid-19 rescue loan in its capital structure. The planned scheme, proposed to creditors last week, leaves the guaranteed loan untouched, which is likely to be the preferred plan for future creditor compacts.

Europcar, a car rental firm, was fortunate when the Covid-19 crisis hit to have large operations in countries with generous state-backed loan schemes. This allowed it to draw a €220m facility 90% guaranteed by the French state, as well as a smaller Spanish-backed loan. Shareholder Eurazeo also ...

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