Europcar Updates Cost-Saving Plan

As part of the cost-saving and cash preservation plan to reduce its costs, Europcar Mobility Group announced that on April 13 it finalized its first lines of financing, 70% guaranteed by the Spanish State for an amount of 36 million euros ($39 million).

These financing lines, with a three-year maturity for its two operating subsidiaries in Spain are intended to consolidate the Group's liquidity to enable it to meet its vehicle financing needs and its corporate needs related to the impacts of the COVID-19 pandemic.

The Group is continuing its efforts to obtain additional financing guaranteed by the French State via the BPI. The Group has contacts of the same type through its foreign subsidiaries in countries where similar support measures have been deployed.

Europcar continues to deploy its plan to reduce the volume and cost of its fleet and renegotiate some of its contracts and using partial unemployment.