Europcar: shares up 7% after creditor support
(CercleFinance.com) - The Europcar Mobility Group share is up 7% after it announced, on 18 December 2020, that it had received great support from its financial creditors affected by its restructing.
After the lock-up deal closed, and its later amendment was agreed, all holders of the 2024 Senior Notes and 2026 Senior Notes had the opportunity to accede to the lock-up agreement and to choose either to subscribe to certain refinancing instruments and/or issuances, or commit to backstop in the same proportion any remaining amount (for which no commitment would have been received) for all the new money and refinancing instruments and/or issuances.
"As of December 18th, 2020, being the date of expiration of the Backstop Commitment Period, holders of the Senior Notes representing 81.60% of the aggregate principal amount of the Senior Notes and creditors representing 100% of the aggregate principal amount of the Credit Suisse Facility have acceded to the Lock-up Agreement and support the Agreement in Principle (as such terms are defined in the Initial Press Release), setting out the terms and conditions of the corporate restructuring of the Group", indicates the group's management.
"Such support will facilitate the implementation of the Agreement in Principle in the course of the accelerated financial safeguard proceedings (SFA) opened on December 14th, 2020 by the Paris Commercial Court", it adds.
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