The lenders of APCOA PARKING have extended the Group’s financing maturity date by a further week to 31 October 2014.
The reasons for the extension of time are the ongoing hearings in the context of the UK Schemes of Arrangement. However, the hearings are expected to be concluded in the middle of the coming week. The UK Schemes of Arrangement commenced on 20 October 2014. The completion was, in advance of the maturity date on the Group’s financing facilities of 25 October 2014, expected to be concluded by 24 October 2014.
APCOA PARKING has a broad support of its lenders. These agreed to the terms of its proposed restructuring with a majority of 93% already on 13 October 2014. Under the terms of the deal, the Group’s debt will be reduced by more than €440 million. Also the line of credit will be extended for a further six year period and €90 million Euro will be introduced by Deutsche Bank in order to finance future growth and investment programs.
About APCOA PARKING
APCOA PARKING Group is the leading European parking manager. More than 40 years of operational experience and innovation, the combined know-how from 12 European countries, an annual turnover of € 678 million, and a highly diversified portfolio are distinguishing APCOA PARKING Group from competitors. This business clout, quality of service and stability offered to private and public proprietors keep APCOA PARKING Group in the European top position. More than 30 European airports have chosen APCOA to manage their parking facilities, making the company the market leader in this segment, too.
The group currently manages around 1.3 million parking spaces at more than 7,400 locations in Europe. All car parks are managed on the basis of local know-how, individual contracts, tailor-made technical solutions and customer-oriented services. APCOA’s international expertise and innovative clout is powered by 4,700 employees. APCOA Group headquarters are located in Stuttgart (Germany).