Advantage Rent A Car names Catalyst Group winning bidder for assets

By Caroline Salls

Pittsburgh, Dec. 11 - Franchise Services of North America Inc. (FSNA) wholly owned subsidiary Simply Wheelz LLC selected the Catalyst Group, Inc. as the prevailing bidder in the auction for some of its assets, according to an FSNA news release.

Simply Wheelz does business as Advantage Rent A Car.

As previously reported, Catalyst agreed to purchase the assets via a credit bid equal to the lesser of $46 million and all debtor-in-possession obligations outstanding at the closing of the sale, plus the assumption of liabilities.

Sixt SE was designated as the back-up bidder in connection with bid procedures approved by the U.S. Bankruptcy Court for the Southern District of Mississippi.

According to the release, Catalyst agreed, in connection with its bid, that it would continue to lend to Simply Wheelz on the existing terms of its credit facility, subject to a revised budget, which significantly increases the company's borrowing availability.

In addition, the lender has the option to add fleet financing.

The final sale hearing is scheduled for Dec. 17. Simply Wheelz said it hopes to complete the sale in the first quarter of 2014.

Simply Wheelz, a Ridgeland, Miss., rental car company, filed bankruptcy on Nov. 5. The Chapter 11 case number is 13-03332.

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