Europcar Mobility Group’s Comprehensive Recapitalization

Europcar Mobility Group's Comprehensive Recapitalization

Kirkland & Ellis advised Europcar Mobility Group S.A. on the deal. While Latham & Watkins advised the cross-holders.

Europcar Mobility Group S.A., a major player in mobility markets listed on Euronext Paris, closed a comprehensive recapitalization transaction leading to an injection of €250 million of new money through a share capital increase, €225 million of new fleet financing facilities and a significantly reduced corporate debt from €2,010 million to €910 million through a debt-for-equity swap. Holders of Europcar’s senior notes became new shareholders of the company as a result of the equitization. 

The transaction was implemented via an accelerated timetable under the procédure de sauvegarde financière accélérée according to the French insolvency code.

The mission of Europcar Mobility Group is to be the preferred “Mobility Service Company” by offering attractive alternatives to vehicle ownership, with a wide range of mobility-related services and solutions: car rental and light commercial vehicle rental, chauffeur services, car-sharing and private hire vehicle (PHV – rental to “Uber like” chauffeurs).

The Kirkland team was led by capital markets partners Cedric Van den Borren (Picture) and Antoine Lebienvenu, and restructuring partners Partha Kar, David Seligman and Christopher Hayes. The team also included restructuring associates Alexander McCammon, Rebecca Marston and Rob Jacobsen; capital markets associate Serguei Chevtchenko; tax partner Mike Carew; and employee benefits partner Elizabeth Dyer.

Involved fees earner: Mike Carew – Kirkland & Ellis; Serguei Chevtchenko – Kirkland & Ellis; Elizabeth Dyer – Kirkland & Ellis; Christopher Hayes – Kirkland & Ellis; Rob Jacobson – Kirkland & Ellis; Partha Kar – Kirkland & Ellis; Antoine Lebienvenu – Kirkland & Ellis; Rebecca Marston – Kirkland & Ellis; Alexander McCammon – Kirkland & Ellis; David Seligman – Kirkland & Ellis; Cédric Van den Borren – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Europcar Mobility Group;

Naoual Sadouqi

Author: Naoual Sadouqi