WILMINGTON, Delaware -- Cerberus Capital Management LP said it has plans to change ANC Rental Corp.'s name to "Vanguard" and to appoint William Lobeck as the CEO.
Lobeck previously headed ANC when AutoNation was the parent company. He will replace William Plamondon, ANC's current CEO.
ANC operates the National and Alamo car rental brands.
Bankruptcy Court Judge Mary Walrath this month approved the sale of substantially all of ANC's assets to Cerberus. The sale is expected to close by Sept. 30.
Cerberus will pay $230 million for the assets and assume $2.06 billion in liabilities. Cerberus will also provide a line of credit of up to $150 million.
Most of the sale proceeds will be distributed to secured creditors, including Lehman Brothers and Liberty Mutual Insurance Co.