Europcar Mobility Group announced on Feb. 26 the finalization of its balance sheet restructuring, which includes €250M in new money via a capital increase and €225M in new fleet financing facilities, which has reduced corporate debt from €2.010m to €910m.
The restructuring is part of the completion of the final steps of the financial safeguard plan approved by the Paris Commercial Court on February 3rd, 2021.
According to a company statement, the restructuring will enable the Group to accelerate the implementation of “Connect,” the company’s strategic roadmap, while it prepares for the recovery of domestic and international travel.
“Today, it is with great ambition that we are opening a new chapter in the history of Europcar Mobility Group: with a significantly reduced corporate debt, the injection of new money combined with new fleet financing facilities, as well as the support of our new shareholders, we are ‘back in the game,’” said Europcar Mobility Group CEO Caroline Parot in the statement.
Parot said Europcar is “actively preparing for the summer and the perspective of a progressive recovery of domestic and international travel.”
Parot outlined new and augmented initiatives, including the pending announcement of mid- and long-term subscription plans for companies and businesses; 100% “digital proximity service” in urban environments, reinforcement of its contactless, direct access to vehicles in airports and railway stations, and consolidation of international partnerships.
The company’s new form of governance also entered into force, including a new board of directors that met for the first time on Feb. 26. The board of directors decided to separate the duties of the chairman of the board of directors and CEO and to appoint Alexandre de Juniac as Chairman of the board of directors and Caroline Parot as Chief Executive Officer.
The board of directors is comprised of:
- Alexandre de Juniac, independent member
- Caroline Parot
- Virginie Fauvel, independent member
- Martine Gerow, independent member
- Carl A. Leaver
- Simon Franks
- Adèle Mofiro-Mata, employee representatives’ member