|July 30, 2002|
Budget France SA Placed In Judicial Recovery
|On 25 July 2002, Budget France SA asked to be placed in judicial recovery. The filing only involves its corporate operations, representing 3% of the rental network. Besides its headquarters and reservations centre in Thiais, eight corporate locations are involved. These are the Paris Charles de Gaulle and Orly, Nice and Lille airport locations plus three railway locations in the French capital and one in Lille. The 287 franchise locations in France are not part of this filing.|
Jack Frazee, president and chief operating officer, at Budget Rent a Car International commented: ?Regrettably, we have had to request the placement of our corporate operations in France into judicial recovery. Budget will be working with the franchise network, their new company called AGIL and the administrator to assure the long-term future of Budget in France. Meanwhile, it is important to stress that renters will continue to be serviced at the various Budget locations within France.?
Across Europe, Budget Rent a Car International has corporate operations in Austria, Germany, Switzerland and the UK. In total, the Budget European network comprises over 800 locations, 90% of which are independently-owned franchisees.