FSNA gives update on Simply Wheelz bankruptcy
by MBJ Staff
Published: November 12,2013
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.
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