2/16/2021 12:00pm EST
List of Participating Bidders Published
List of Participating Bidders 1/12/2021
DC Decision 1/12/2021 07:20am EST
Final Auction Terms Published
DC Decision Auction Settlement Terms Compare against Draft Auction Settlement terms Compare against PizzaExpress Financing 1 PLC Auction Settlement Terms EMEA DC Statement 11 January 2021
The EMEA DC met on 11 January 2021 to discuss the Auction in respect of Europcar Mobility S.A. which is scheduled for Wednesday 13 January 2021.
In relation to producing the Final List for Europcar Mobility S.A., the EMEA DC received a challenge by KSAC Europe Investments Sarl as to the non-inclusion of the EUR 50,000,000 Term Loan Facility Agreement dated 27 December 2019. No response was received to the challenge by the end of the response period. The EMEA DC reviewed the challenge and determined that the obligation should be added to the Final List. The EMEA DC has published the Final List.
Auction Settlement Terms
The EMEA DC has published the final Auction Settlement Terms.
Final List Published
Final List 1/11/2021
The EMEA DC received a challenge prior to the 11am London time challenge deadline from KSAC Europe Investments Sarl relating to the non-inclusion on the Initial List of the EUR 50,000,000 Term Loan Facility Agreement dated 27 December 2019 between EMG and Credit Suisse International as Original Lender, Agent and Calculation Agent, as subsequently novated to, amongst others, KSAC Europe Investments Sarl on 15 October 2020.
Relevant information is available at
https://www.lucid-is.com/europcar/ and includes the following documents: EUR 50,000,000 Term Loan Facility Agreement MM Agreement Additional information relating to the EUR 50,000,000 Term Loan Facility Agreement
KSAC Europe Investments Sarl provided the following reason for challenging the obligation: “We refer to a footnote in the Initial List published on 8 January 2021 which provided that the CS Facility Agreement was not included on the Initial List because it did not satisfy the Maximum Maturity characteristic. We would like to inform you that the Lenders under the CS Facility Agreement, the CoCom members and EMG agreed to enter into a French law governed contact (the “MM Agreement”) pursuant to which they agree, for the benefit of the lenders under the CS Facility Agreement from time to time, that EMG and the CoCom members will not extend the Long Stop Date under the Lock-up Agreement beyond a date that is ten years after the date of the MM Agreement.”
Please submit any responses to this challenge by 3pm London time today (11 January).
DC Decision 1/11/2021 12:00pm EST
Initial List Published
DC Decision Initial List Submission of Potential Deliverable Obligations and Challenges EMEA DC Statement 8 January 2021
The EMEA DC met on 8 January 2021 October 2020 to discuss the Auction in respect of Europcar Mobility S.A. which is scheduled for Wednesday 13 January 2021.
Initial List and Final List
In relation to producing the Final List for Europcar Mobility S.A., the EMEA DC agreed that the following timetable shall apply:
1. The Initial List is published today (8 January);
2. Any challenges to the Initial List have to be received by 11am London time on Monday 11 January;
3. A response to any challenge to the Initial List has to be received by 12pm London time on Monday 11 January; and
4. The Final List will be published as soon as practicable thereafter.
Pursuant to the varied timetable, the Initial List has been published.
If an Eligible Market Participant wishes to propose any challenges to the Initial List, please contact the DC Secretary by 11am London time on Monday 11 January 2020. Auction Settlement Terms
The EMEA DC has published the draft Auction Settlement Terms.
Please contact the DC Secretary with any comments in relation to the draft Auction Settlement Terms by no later than 12pm London time on Monday 11 January 2020. 1/08/2021
Draft Auction Terms Published
Draft Auction Settlement Terms
Compare against PizzaExpress Financing 1 PLC Auction Settlement Terms 1/08/2021
EMEA DC Statement 6 January 2021 The EMEA DC met on 6 January 2021 to discuss arrangements for the Auction. The EMEA DC has agreed to meet again on Friday 8 January 2021 to continue these discussions, including the Auction Settlement Terms. 1/06/2021 07:55am EST
Preliminary List Published
Submission of Potential Deliverable Obligations and Challenges 12/23/2020 02:45pm EST
DC Decision EMEA DC Statement 23 December 2020
The EMEA DC met on 22 December 2020 to discuss the Deliverable Obligations of the Reference Entity. The EMEA DC agreed to publish the Preliminary List. Eligible Market Participants that wish to submit additional obligations for the Initial List must do so by 5pm London time on 30 December 2020. The EMEA DC is continuing to discuss arrangements for the Auction.
12/23/2020 02:45pm EST
DC Decision EMEA DC Statement 17 December 2020
The EMEA DC has agreed to hold an Auction in respect of Europcar Mobility Group S.A. on 13 January 2021. Note that the Auction Settlement Date will be 19 January 2021. The EMEA DC will publish further information in due course.
12/17/2020 09:35am EST
DC Decision EMEA DC Statement 8 December 2020
The EMEA DC met on Friday 4 December 2020 to discuss whether a Failure to Pay Credit Event had occurred with respect to Europcar Mobility Group (the
Reference Entity) due to the non-payment of approximately EUR 9,000,000 interest on the EUR 400,000,000 4% Senior Notes due 2026 issued by the Reference Entity (the Notes). Following the meeting, on 7 December 2020, the Reference Entity issued a further announcement ( https://live.euronext.com/en/node/3500650) stating that the relevant interest payment remained unpaid following the expiry of the grace period. As a result, the EMEA DC determined by email vote that the Reference Entity had failed to make payments in respect of the Notes in excess of the Payment Requirement and that the applicable Grace Period had expired.
The EMEA DC also considered the 2019 Narrowly Tailored Credit Event Supplement to the 2014 Credit Derivatives Definitions and concluded that there was sufficient Eligible Information to determine that the Credit Deterioration Requirement was satisfied in respect of 2014 Transactions.
The EMEA DC agreed to meet again in due course to discuss holding an Auction to settle 2014 Transactions in respect of the Reference Entity.
12/08/2020 06:00am EST
EMEA DC Meeting Statement - 4 December 2020
The EMEA DC notes that Europcar published a press release dated 26 November 2020 which states that (i) the Reference Entity did not pay interest on 30 October 2020 in respect of its 2026 Senior Notes and (ii) the Reference Entity did not intend to proceed with paying such interest. The EMEA DC is gathering further information and expects to reconvene to continue discussions during the course of next week.
12/04/2020 09:40am EST
Request Accepted by DC
12/02/2020 01:00pm EST
Pending DC Consent
12/02/2020 08:35am EST