Kirkland & Ellis advised Europcar Mobility Group S.A., a major player in mobility markets listed on Euronext Paris, on 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. Kirkland advised Europcar in connection with the U.S. aspects of the transaction, including several bondholder consent solicitations to authorize the various steps of the financial restructuring under the existing senior notes and senior secured notes documents, a Chapter 15 of the U.S. Bankruptcy Code proceeding and the share capital increase.
The team was led by capital markets partners Cedric Van den Borren 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.