Europcar - Très Accélérée
All,
Please refer to our existing analysis here.
A court ruling is expected by mid-January (with at most one-month extension), which is sooner / better than we had expected. Note that we suffer from unevenly distributed information regarding certain documents that were available on Lucid only to proven bondholders.
In line with the plan and after last week obtaining all necessary waivers for it, the Tribunal de Commerce de Paris have opened an accelerated Sauvegarde proceeding (Sauvegarde Financière Accélérée) for Europcar, administrated by Hélène Bourbouloux. A petition for recognition under Ch. 15 U.S. Bankruptcy Code will follow soon.
We continue to hold a small 2% position in the EC Finance notes. We have been meaning to enter the bonds for some weeks now, but the opaque situation on the precise nature of the new facilities (we have a fair idea) has kept us from paying a premium for the option of backstopping those. We may, however, wish to enter the name in the post-reorg equity as soon as practicable.
Please call to discuss,
Wolfgang
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E: wfelix@sarria.co.uk
T: +44 203 744 7003