The Group advises that it has successfully obtained sanction orders in the High Court in London today for its applications for UK Schemes of Arrangement.
The Group achieved 93% lender support to the terms of its proposed restructuring, under which its debt will be reduced by more than €440 million, extended for a further six year period and additional financing of €80 million will be introduced.
A further leave to appeal was denied by the High Court. An application for revision with the Court of Appeal in London could be lodged by Monday November 3rd, 4:00 PM.
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).