The parent company of Advantage Rent A Car, Advantage Opco LLC, filed for Chapter 11 bankruptcy on Tuesday. The company is owned by Toronto-based private equity firm Catalyst Capital Group.
Included in the bankruptcy were Advantage affiliates including E-Z Rent a Car LLC. The company has secured “debtor-in-possession” (DIP) financing, according to a source familiar with the matter.
Orlando-based Advantage and E-Z operate at 28 airports in the U.S. The combined company reported $315 million in revenues for the 2019 calendar year.
The bankruptcy petition lists liabilities between $500 million to $1 billion, with estimated assets of $100 million to $500 million.
Advantage also filed for bankruptcy in 2008 and 2013, after which Catalyst bought the company. Catalyst acquired E-Z in 2015.