Bankrupt Advantage Rent A Car To Hit Auction Block

Law360, New York (November 25, 2013, 4:42 PM ET) -- U.S. Bankruptcy Judge Edward Ellington gave Advantage Rent A Car the green light Friday to sell its assets at a Dec. 9 auction with private equity firm The Catalyst Capital Inc. serving as a stalking horse bidder.

In exchange for all of Advantage’s property and assets, Catalyst Capital has agreed to forgive a $36 million debtor-in-possession loan, which allows for a $10 million increase, according to court documents.

Private equity-backed Advantage, owned by Franchise Services of North America Inc., was sold by Hertz Global Holdings Inc....
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