APCOA PARKING Group is pleased to announce that it has formally implemented its financial restructuring on a consensual basis between the Group and its key lenders. Agreements reached enabled the withdrawal of certain formal, legal objections to the restructuring process by a key creditor.
The Chief Executive Officer of APCOA PARKING, Mr. Ralf Bender, said that the financial restructuring was a key milestone for the Group and represented the culmination of almost two years of refinancing negotiations. As a result, the Group’s balance sheet has been significantly deleveraged, reducing its debt by more than €440 million, providing up to six year terms for the refinanced facilities and €80 million of additional financing to support the Group’s projected growth and capital investment programme.
By permanently reducing the debt burden, the business has been placed on a sound financial footing which provides the platform to grow. Mr. Bender commented: “APCOA PARKING is a highly profitable business at the operating level, but could not sustain the level of debt taken on in the past. We are looking forward to strategically develop the group together with our shareholders and to expand our position as the leading European parking manager. ”
APCOA PARKING Holdings GmbH
T: +49 711-94791-0
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 1.4 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).