Business Services Industry
New York Hedge Fund Buys Assets of ANC Rental Corp.
Knight Ridder/Tribune Business News, October, 2003
By Tom Stieghorst, South Florida Sun-Sentinel Knight Ridder/Tribune Business News
Oct. 16--ANC Rental Corp. is history.
The holding company for two of the best-known brands in the rental car business went defunct on Tuesday, when Cerberus Capital Management purchased substantially all of its assets.
Mired in bankruptcy for nearly two years, the parent of National Car Rental System and Alamo Rent A Car will get new financial support from Cerberus, an $8 billion New York hedge fund.
Cerberus agreed to pay $230 million cash and assume $60 million of non-vehicle debt to acquire ANC, which has been protected from creditors under Chapter 11 bankruptcy since November 2001.
The purchase amount will largely go to secured...
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