Court Approves Advantage Sale to Catalyst Group

Photo via Atomic Taco/Flickr
Photo via Atomic Taco/Flickr

The United States Bankruptcy Court for the Southern District of Mississippi has declared that Catalyst Group Inc. is the prevailing purchaser in the auction of Franchise Services of North America’s (FSNA) wholly-owned subsidiary, Simply Wheelz LLC, which does business as Advantage Rent A Car.

Conducted in accordance with bidding procedures, the auction was approved by the Bankruptcy Court as part of the Simply Wheelz insolvency proceedings. According to FSNA, Sixt SE has been declared the back-up bidder under the bid procedures in the event that Simply Wheelz is not able to complete the sale transaction with Catalyst within the specified period of time.

Simply Wheelz hopes to complete its sale to Catalyst in the first quarter of 2014. However, FSNA cautions there are procedural matters and arrangements with third parties that will need to be completed before the sale can be consummated. Simply Wheelz filed for U.S. federal bankruptcy protection on Nov. 6, 2013.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Auto Manufacturers: Mobility Disruptors or Fleet Providers?

Maven’s Alex Keros shares insights into evolving smart mobility business models and new opportunities with fleet management.

What is Your Time Worth?

Personal observations of retail and travel transactions reveal just how much a consumer’s time is worth today, and how increasingly intolerant we are of inefficient transactions.

Safeguarding Your Business with Brokers

While the high-profile bankruptcy of Atlas Choice has left many car rental companies wary of working with brokers, rental companies can take steps to protect themselves and ensure a productive relationship.

Job Finder: Access Top Talent. Fill Key Positions.

>