U.K. Car Park Operator NCP Seeks Restructuring to Cut Rents

National Car Parks Ltd., the U.K.’s largest parking operator, is seeking to cut its rental costs in a court process after demand for parking facilities plunged during the pandemic.

The company failed to reach a consensual deal with property owners, but received “significant support” and estimates that at least 85% of its A1 landlords will back the proposal, according to a company statement. The first hearing on the restructuring plan --a U.K. court process introduced last year and available to struggling firms looking to reduce their liabilities even without support from a majority of creditors-- is due on May ...