Cerberus Faces No Competing Bids for ANC

FT. LAUDERDALE, Fla. -- ANC Rental Corp. can forgo a bankruptcy auction this week since no other investors submitted qualifying bids to challenge Cerberus Capital Management's offer.

A Delaware Bankruptcy Court will hold a hearing on Aug. 6 to consider Cerberus' acquisition of ANC, which owns the National Car Rental and Alamo Rent-A-Car brands. Cerberus, a New York-based investment firm, has created CAR Acquisition Co. to execute the deal.

Under terms of the sale agreement between CAR and ANC, CAR would pay $230 million in cash, assume $60 million in non-vehicle debt, and provide a $150 million committed working capital line. CAR would also assume $2 billion in vehicle debt as well as other liabilities.

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