European parking manager Apcoa has agreed a debt restructuring deal with its creditors that will reduce its liabilities by more than €440 mln.

European parking manager Apcoa has agreed a debt restructuring deal with its creditors that will reduce its liabilities by more than €440 mln.

The Stuttgart-based company announced that it reached the deal with its sponsor, French investment company Eurazeo, and more than 95% of its lenders.

The agreement comes five months after it emerged that Eurazeo had gone to a UK court to extend the deadline for repayment of Apcoa's €660 mln debt burden beyond the April deadline as talks with creditors were ongoing.

The debt stems from Eurazeo's acquisition of Apcoa in 2007 for €885 mln, including the €660 mln in financing. Eurazeo revealed in March 2014 that the value of its investment in Apcoa 'may be zero' and that it would likely exit the company once a debt restructuring deal was finalised.

Under the terms of the deal agreed in August, Apcoa's debt will be reduced by more than €440 mln; the group's projected growth and capital investment programme will be fuelled with €90 mln of additional financing from Deutsche Bank; and the refinanced facilities will be extended for a further six-year period.

The formal implementation and documentation process of the restructuring via a UK Scheme of Arrangement is expected to conclude in October. Apcoa's lenders have already extended the current financing maturity date to 25 October 2014.

Apcoa manages around 1.4 million parking spaces at more than 7,400 locations in 12 European countries. The business - which includes management of car parks at 30 European airports - generated a turnover of €678 mln in 2013, down from €700 mln the year before.