Blaming Hertz Lease Deal, Advantage Rent A Car Hits Ch. 11

Law360, New York (November 5, 2013, 6:11 PM EST) -- The owners of private equity-backed Advantage Rent A Car, which Hertz Global Holdings Inc. sold to win government approval of its purchase of Dollar Thrifty Automotive Group Inc., placed the company into bankruptcy Tuesday, saying Hertz wouldn't renegotiate a lease agreement for Advantage's 24,000-car fleet.

Advantage's parent company, Franchise Services of North America Inc., said that it had no choice but to bankrupt Advantage, whose legal name is Simply Wheelz LLC, because Hertz had overestimated the value of Advantage's 24,000 cars and then revoked a master...
To view the full article, register now.