Europcar Mobility Group in a Position to Finalize Its Financial Restructuring Plan and Accelerate Its Strategic Plan “Connect”, Thus Opening a New Chapter in the Group’s History
Europcar Mobility Group’s (Paris:EUCAR) Extraordinary General Meeting was held on January 20, 2021 under the chairmanship of Mr. Jean-Paul Bailly, Chairman of the Supervisory Board. A quorum of 37,25% was reached.
In light of the COVID-19 epidemic and in accordance with Order No. 2020 - 1497 of December 2, 2020, the Extraordinary Shareholders’ Meeting was exceptionally held without the physical presence of its shareholders, in closed session.
Shareholders were able to follow the proceedings of the meeting from a distance, which were webcasted live and are also available in replay mode on the Company's website at the following address: https:///europcar/#!/europcar/20210121_1.
Europcar Mobility Group announces that all of the resolutions necessary for the implementation of the financial restructuring plan have been approved: it will enable the Group to finalize the implementation of this comprehensive plan, which notably contemplates a massive reduction of the Group’s corporate debt by €1,100m through equitization and a significant new money injection, via capital increases1 and new fleet financing facilities (approx. €500m in total).
During this meeting, Caroline Parot, CEO, recalled how the Group had been severely affected by the Covid-19 Crisis, with a significant impact on revenues and, as a consequence, a sharp increase of the Group’s corporate debt and its weight. This led the Group to launch early September 2020 an in-depth financial restructuring, while adapting its strategy to the long-term consequences of the crisis on mobility needs and expectations.
As such, a specific time was devoted to the presentation of the Group’s strategic plan, “Connect”, which objective is to position the Group as a major player of sustainable, digital and connected mobility in the years to come.
Caroline Parot said: “Today, thanks to our shareholders, the Group’s financial restructuring plan has been approved. This comprehensive and rapid restructuring plan will allow to properly reset the Group’s corporate capital structure, enabling to focus on the accelerated implementation of our “Connect” plan.
I would like to thank our shareholders and in particular Eurazeo, for their support: their positive vote marks the opening of a new Chapter in the Group’s history. They are not only enabling the Group to continue serving customers in more than 140 countries worldwide: they are also giving a major mobility player the opportunity to emerge stronger from the crisis.”