Bankrupt Simply Wheelz ceases operations at 30 locations
by MBJ Staff
Published: January 27,2014
Tags: acquisition, Advantage Rent A Car, bankrupt, bankruptcy, bankruptcy law, bench, court, Dollar Rent A Car, Franchise Services of North America Inc., justice, law, legal, purchase, retail, retailer, retaling, sale, sell, Simply Wheelz LLC, The Catalyst Capital Group Inc., U.S. Bankruptcy Court
RIDGELAND — Franchise Services of North America Inc.’s (FSNA’s) wholly owned subsidiary, Simply Wheelz, LLC, which does business as Advantage Rent a Car, has ceased operations at 30 Advantage locations.
Advantage has reached an agreement with Dollar Rent A Car whereby Dollar Rent A Car will provide car rental services to those customers who hold active Advantage reservations at all closed locations.
The decision to cease operations at certain Advantage locations was made in connection with the previously announced proposed sale of Advantage assets to The Catalyst Capital Group Inc. (on behalf of one or more funds managed by it) as the prevailing purchaser in the auction of certain Advantage assets as part of the Simply Wheelz insolvency proceedings, as approved by the United States Bankruptcy Court for the Southern District of Mississippi.
Simply Wheelz says it hopes to complete its sale to Catalyst in the first quarter of 2014. However, the company will need to complete a number of procedural matters and arrangements with third parties before this sale can be consummated. One such matter involves a careful internal review of the 70 operating locations across the United States.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Molpus closes Fund after more than $662M in commitments
- MSU reminding fans that drones are prohibited at football games
- Politics of paying for transportation: Hand wringing and a lot of talk
- DeSoto County Supervisor Lee dies in ATV accident on his birthday
- Realtors chooses Nita Wingard
- Entergy agrees to cut $35M from its new rate plan
- Researchers: Trapping, not hunting, best way to control wild hogs
- No debate, but Cochran and Childers lobby for votes for Senate
- Kemper County plant will cost at least another $496M to complete