PE Firm's Stalking Horse Bid OK'd For Car Rental Co.

Law360, New York (January 3, 2014, 2:22 PM EST) -- A Mississippi bankruptcy court signed off Thursday on The Catalyst Capital Group Inc.’s stalking horse bid for Advantage Rent-A-Car, calling to close a tumultuous Chapter 11 process launched by the rental car service after a lease agreement with Hertz Global Holdings Inc. went sour.

In exchange for all of Advantage’s property and assets, the Canadian private equity firm has agreed to forgive a $46 million debtor-in-possession loan, according to court documents. Certain closing conditions and other stipulations were also forgiven after Germany-based Sixt Rent A Car...
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