Court approves Catalyst acquisition of AdvantageJanuary 3, 2014 @ 3:16 pm
(AP) - 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.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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