Share “Court approves Catalyst acquisition of...”

Court approves Catalyst acquisition of Advantage

Published on NewsOK Modified: January 3, 2014 at 5:16 pm •  Published: January 3, 2014
Advertisement

A Mississippi bankruptcy judge has approved a deal that allows Canadian private equity firm The Catalyst Capital Group to buy Advantage Rent-A-Car.

The Ridgeland, Miss.-based rental car company filed for Chapter 11 bankruptcy in November. Catalyst emerged as a top bidder for Advantage in December and a judge finalized the sale Thursday.

The private equity firm will pay for the deal by forgiving a $46 million loan made earlier to Advantage as part of its bankruptcy proceedings.

Court documents show Advantage has assets and debts both exceeding $100 million.

Advantage was formerly owned by Hertz, which sold the business to meet regulatory conditions as part of its 2012 acquisition of Dollar Thrifty Automotive Group Inc.


AROUND THE WEB

  1. 1
    Down Payment Programs Not a Scam, FHA to Tell HUD Watchdog
  2. 2
    13 Fascinating Careers You Never Knew Barbie Had
  3. 3
    University of Phoenix Going Down in Flames?
  4. 4
    OKC man arrested after allegedly trying to set up meeting to have sex with minor
  5. 5
    Hoping to become tourist haunt, Nevada town finds boost in spirits
+ show more

FEATURED JOBS



× Trending business Article