In the context of implementation of its financial restructuring and the agreement in principle entered into with some of its creditors on November 25th, 2020, Europcar Mobility Group announces the opening of an accelerated financial safeguard...

Regulatory News:

In the context of implementation of its financial restructuring and the agreement in principle entered into with some of its creditors on November 25^th, 2020, Europcar Mobility Group announces the opening of an accelerated financial safeguard proceedings (procédure de sauvegarde financière accélérée)

Europcar Mobility Group (Paris:EUCAR) reaches a new step with the opening on this December 14^th, 2020 by the Paris Commercial Court (tribunal de commerce de Paris) of an accelerated financial safeguard proceedings (procédure de sauvegarde financière accélérée) for its benefit. With this step, the Group is pursuing the implementation of its financial restructuring. It should be noted that these proceedings will have no impact on the operational activities of the Group.

As part of this process, the Court appointed SELARL FHB, in the name of Maître Helene Bourbouloux, former conciliator (conciliateur), as judicial administrator of Europcar Mobility Group, as well as SELAFA MJA, in the name of Maître Lucile Jouve, as creditors’ representative.

The accelerated financial safeguard proceedings (SFA) shall enable, in an accelerated timetable, the implementation of the Agreement in Principle (as such term is defined in the press release published by Europcar Mobility Group on November 26^th, 2020).

By mid-January 2021, the Paris Commercial Court shall either approve the SFA plan reflecting the Agreement in Principle or decide to extend the accelerated financial safeguard proceedings by up to one additional month at the most.

Europcar Mobility Group shall shortly file a petition under chapter 15 of the U.S. Bankruptcy Code with the relevant US Bankruptcy Court, seeking recognition in the U.S. of the accelerated financial safeguard as a foreign main proceeding.

It is noted that Europcar Mobility Group obtained on December 11^th, 2020 the necessary waiver from the lenders under the RCF of any right they have pursuant to any event of default relating to the opening of an accelerated financial safeguard proceedings (procédure de sauvegarde financière accélérée).

It is recalled that the adoption and the implementation of the accelerated financial safeguard plan remain subject to the conditions as further detailed in the press releases published by Europcar Mobility Group on November 26^th, 2020 and December 7^th, 2020.

“RCF” means the €670,000,000 multicurrency revolving facility made available pursuant to the existing French revolving facilities agreement dated 13 July 2017, entered into between the RCF lenders, the Company (as Parent), Europcar International and certain of its subsidiaries and Crédit Agricole Corporate and Investment Bank (as Agent and Security Agent), as amended from time to time through the date hereof.