Advantage picks buyer, settles vehicle lease deal with Hertz

(Reuters) – Advantage Rent A Car said it picked Canadian private equity Catalyst Capital Group Inc to buy its assets in bankruptcy proceedings and reached a deal with Hertz Global Holdings Inc (HTZ) that allows Advantage to continue using a leased vehicle fleet. Advantage had to file for bankruptcy protection last month after Hertz terminated their vehicle lease agreements, saying Advantage had failed to make some payments on 24,000 vehicles. Hertz has now agreed to let Advantage to continue to use the vehicles in return for payments, Simply Wheelz LLC, which does business as Advantage, said in a court document on Tuesday. Hertz sold Advantage to Franchise Services of North America (FSNA) (FSN.V) last year to satisfy antitrust authorities, following its purchase of Dollar Thrifty, which competes with Advantage in low-cost car rentals.

    

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