French Car-Rental Firm Europcar Files for Chapter 15 Bankruptcy

French auto-rental company Europcar Mobility Group SA filed for Chapter 15 bankruptcy protection in the U.S. as it seeks to complete a restructuring process in France.

Europcar filed its petition in New York on Thursday, court records show. Chapter 15 shields foreign debtors from lawsuits by U.S. creditors while they reorganize in another country.

The company reached an agreement in late November to cede control to creditors in exchange for cutting debt by 1.1 billion euros, or about $1.35 billion. The firm reeled under the impact of coronavirus restrictions that curbed international travel.

Under the debt restructuring plan, leading ...