Eurazeo Wants Out of Europcar
The investment firm is looking to sell its 29.8% stake in Europcar by September. If a new owner doesn’t emerge, the company would enter talks on a debt restructuring deal.
Europcar is trying to attract other industry players to the negotiating table despite the challenging outlook for the travel industry.
Photo courtesy of Europcar.
Investment firm Eurazeo is looking to sell its stake in Europcar by September, according to a Reuters report. Eurazeo owns owns 29.8% of the Paris-based car rental company.
According to sources in the report, private equity firm Apollo Global Management is considering the investment, but only “as part of a distressed deal.” Volkswagen had been in talks to buy Europcar, according to a June report, though a bid hasn’t materialized.
Europcar is trying to attract other industry players to the negotiating table despite the challenging outlook for the travel industry, one of the sources said.
If Europcar doesn’t find a new owner, the company would enter talks on a debt restructuring deal with creditors that may result in bondholder losses, the report states.
In May, Europcar obtained 307 million in financing to keep it afloat as the travel industry struggles in the midst of the coronavirus.
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