Europcar's creditors have agreed to decrease the car rental company's debts by 1.1 billion euros ($1.33 billion) in exchange for shares and control of the company, Europcar announced. 

The agreement was made with private equity firm Eurazeo and holders of the agency's 2024 and 2026 senior notes. The agreement also includes holders of senior secured notes, investors in its 670 million euro revolving credit facility and Credit Suisse.

"Today, I am glad to announce that we have reached a major step in our financial restructuring process... which provides a framework for long-term sustainability for the Group’s business," Caroline Parot, CEO of Europcar Mobility Group, said in a statement. I also would like to reiterate our gratitude to the French State for being supportive of our Group at an early stage of the COVID-19 crisis, allowing us to take this new step today. As the horizon clears up, we are confident in our capacity, once this financial plan is implemented, to fully benefit from the travel & leisure industry rebound and gradual recovery, now with COVID-19 vaccine trials registering promising results."