Home » NEWS » FSNA gives update on Simply Wheelz bankruptcy

FSNA gives update on Simply Wheelz bankruptcy

RIDGELAND — Franchise Services of North America Inc. (FSNA) has released an update on the previously-announced bankruptcy proceedings of the company’s wholly-owned subsidiary, Simply Wheelz LLC, which does business as Advantage Rent A Car, in the United States Bankruptcy Court for the Southern District of Mississippi.

On Nov. 7, the court entered interim orders authorizing Simply Wheelz to, among other things: make payments to certain critical vendors; assume executory contracts with certain online travel agents; honor prepaid reservations from its customers; pay employee and independent contractor wages and associated taxes and benefits; and make certain airport concession payments, in each case in accordance with the terms and conditions of the respective order.

On Nov. 8, the Court entered an interim order approving a $20-million line of credit facility for Simply Wheelz.

Simply Wheelz is scheduled to appear before the court on Dec. 3 to request final approval of a $36-million line of credit and other matters approved to date.

 

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About MBJ Staff

Leave a Reply

Your email address will not be published. Required fields are marked *

*