Update on Simply Wheelz Bankruptcy Proceedings
The U.S. Bankruptcy Court has entered an interim order to approve a $20 million line of credit facility for Advantage Rent A Car. Catalyst Capital Group has been named as Advantage's debtor-in-possession financier.
Franchise Services of North America Inc. (FSNA) has provided an update on the previously-announced bankruptcy proceedings of the company's wholly-owned subsidiary Simply Wheelz LLC — which does business as Advantage Rent A Car — in the United States Bankruptcy Court for the Southern District of Mississippi.
On Nov. 7, the Court entered interim orders authorizing Simply Wheelz to make payments to certain critical vendors, assume executory contracts with certain online travel agents, honor prepaid reservations from its customers, pay employee and independent contractor wages and associated taxes and benefits and make certain airport concession payments — in each case in accordance with the terms and conditions of the respective order.
On Nov. 8, the Court entered an interim order approving a $20 million line of credit facility for Simply Wheelz, says FSNA. Per bankruptcy court documents issued yesterday, Catalyst Capital Group has been named as Advantage's debtor-in-possession financier.
Simply Wheelz is scheduled to appear before the Court on Dec. 3 to request final approval of a $36 million line of credit and other matters approved to date, according to FSNA.
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