Europcar - The Game Theory

All,

Following further discussions with legal advisors, please find our updated analysis of Europcar here. 

Further to our update last week, we have done additional work on the unfolding game theory in this name. 

Bondholders are clearly lacking a good stick, but Eurazeo may also prefer a consensual outcome. Consistent with that we hear (rumour) that the company may be looking to retain both a French boutique as well as an international law firm.

We have also amended the positions of the govt. g’teed loans and have added details to the legal chart. 

Do let us know if you would like to discuss the name.

Wolfgang