PARIS--(BUSINESS WIRE)--Apr. 15, 2020--
Europcar Mobility Group (Paris:EUCAR):
As part of the cost-saving and cash preservation plan to reduce its costs announced on March 23rd, 2020, the Group announces that on April 13th, 2020, it has finalized its first lines of financing 70% guaranteed by the Spanish State for an amount of €36 million. These financing lines, with a 3-year maturity for its two operating subsidiaries in Spain - under the Europcar and Goldcar banners - are intended to consolidate the Group's liquidity to enable it to meet its vehicle financing needs and its corporate needs related to the impacts of the COVID-19 pandemic.
The Group is continuing its efforts, within the framework of the processes supervised by the Ministry of the Economy and Finance, with some of its lending banks to obtain additional financing guaranteed by the French State via the BPI. The Group has contacts of the same type through its foreign subsidiaries in countries where similar support measures have been deployed. The outcome of these initiatives will be communicated at a later date.
Finally, the Group continues to deploy its plan to reduce the volume and cost of its fleet, as well as, in particular, renegotiating some of its contracts and using partial unemployment.
About Europcar Mobility Group
Europcar Mobility Group is a major player in mobility markets and listed on Euronext Paris. 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, scooter-sharing and private hire vehicle (PHV – rental to “Uber like” chauffeurs).
Customers’ satisfaction is at the heart of the Group’s mission and all of its employees and this commitment fuels the continuous development of new services. Europcar Mobility Group operates through a diversified portfolio of brands meeting every customer specific needs and use cases, be it for 1 hour, 1 day, 1 week or longer ; its 4 major brands being: Europcar® - the European leader of car rental and light commercial vehicle rental, Goldcar® - the low-cost car-rental Leader in Europe, InterRent® – ‘mid-tier’ car rental and Ubeeqo® – one of the European leaders of round-trip car-sharing (BtoB, BtoC).
Europcar Mobility Group delivers its mobility solutions worldwide solutions through an extensive network in over 140 countries (including wholly owned subsidiaries – 18 in Europe, 1 in the USA, 2 in Australia and New Zealand – completed by franchises and partners).
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Source: Europcar Mobility Group