Advantage Rent A Car's $36M Bankruptcy Loan Approved

Law360, New York (December 4, 2013, 5:51 PM EST) -- A Mississippi bankruptcy judge on Tuesday granted final approval for Advantage Rent A Car to secure a $36 million loan from Catalyst Capital Group Inc., which plans to buy the bankrupt rent-a-car company at a Dec. 9 auction.

The loan, which could be increased to up to $46 million at the two companies' choosing, puts Canada-based Catalyst at the forefront of the bidding to acquire Advantage. According to the final order by U.S. Bankruptcy Judge Edward Ellington, Catalyst will begin the Dec. 9 auction with its...
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