Advantage picks buyer, settles vehicle lease deal with Hertz - Reuters
Advantage Rent A Car said it picked Canadian private equity firm Catalyst Capital Group Inc to buy its assets in bankruptcy proceedings and reached a deal with Hertz Global Holdings Inc that allows Advantage to continue using a leased vehicle fleet, reports Reuters. Advantage had to file for bankruptcy protection last month after Hertz terminated their vehicle lease agreements, saying Advantage had failed to make some payments on 24,000 vehicles. The settlement also gives Catalyst an option to buy the leased vehicles from Hertz, which will make a $2.8 million payment to Catalyst once it completes its purchase of Advantage.
11 December 2013•2 mins read
