Rent-A-Wreck Ch. 11 Case Tossed As Bad Faith Filing
Law360 (February 13, 2018, 10:02 PM EST) -- Rent-A-Wreck of America Inc. did not enter Chapter 11 proceedings in good faith, a Delaware bankruptcy judge ruled Tuesday, finding the discount car rental company appears to be solvent and has attempted to use the bankruptcy process to “redistribute value from a longtime adversary.”
In a decision to dismiss the Chapter 11 cases for Rent-A-Wreck and subsidiary Bundy American LLC, U.S. Bankruptcy Judge Laurie Selber Silverstein said the debtors did not demonstrate that they were financially distressed when they filed for bankruptcy in July. What has become clear, she said, is that the petitions were filed to strip company founder David...
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