Franchise Services sells assets of bankrupt Advantage Rent A Car
by MBJ Staff
Published: May 1,2014
Tags: acquisition, Advantage Rent A Car, automobile, bankrupt, bankruptcy, car rental, Franchise Services of North America Inc., justice, law, legal, purchase, sale, sell, Simply Wheelz LLC, The Catalyst Capital Group Inc., U.S. Bankruptcy Court
RIDGELAND — Franchise Services of North America Inc.’s wholly-owned subsidiary, Simply Wheelz LLC, which does business as Advantage Rent A Car, has completed the sale of 41 U.S. airport concession agreements used in the Advantage business to The Catalyst Capital Group Inc. (on behalf of one or more funds managed by it).
Catalyst was selected as the prevailing purchaser in an auction of the Advantage assets conducted in accordance with bidding procedures approved by the United States Bankruptcy Court for the Southern District of Mississippi in the Simply Wheelz insolvency proceedings. Catalyst had previously been approved by the Court as a secured lender in the proceedings.
Pursuant to the terms of the asset purchase agreement approved by the Court, the consideration for the Catalyst Asset Sale was a credit bid of $46 million against the debtor-in-possession credit facility provided by Catalyst to Simply Wheelz, plus the assumption by Catalyst of certain liabilities of the Advantage business associated with such concession agreements. Catalyst also assumed certain leases, executory contracts, personal property and intellectual property used in connection with the Advantage business.
Simply Wheelz filed for bankruptcy protection under the United States Bankruptcy Code on Nov. 5, 2013.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Franchise Services sells assets of bankrupt Advantage Rent A Car”
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
- Former DPS employees sentenced for selling bogus driver's licenses
- Researchers: Trapping, not hunting, best way to control wild hogs
- Realtors chooses Nita Wingard
- Entergy agrees to cut $35M from its new rate plan
- No debate, but Cochran and Childers lobby for votes for Senate