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US: Auction deems winner for bankrupt Advantage Rent A Car

 |  December 11, 2013

A buyer has been named to acquire Advantage Rent A Car, the rental car firm that filed for Chapter 11 reorganization last month after being divested from its previous owner Hertz.

Catalyst Capital Group will acquire Advantage after agreed to finance as much as $46 million for the company’s debts. Advantage had intended for Catalyst to be its purchaser when it filed for bankruptcy, but in a bidding war Sixt SE challenged Catalyst.

Advantage is largely seen as an example of what can go wrong when Federal Trade Commission regulatory efforts go wrong. The FTC had ordered the divestiture of Advantage as a condition for Hertz to acquire Dollar Thrifty, so as to ensure adequate competition against Hertz.

Full Content: Businessweek

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