Rental car company Advantage Holdco Inc. revealed plans to offer limited recoveries to creditors as it liquidates in bankruptcy following asset sales.
The company’s liquidation plan, filed Sept. 24, comes after the Orlando, Fla.-based company reached a settlement with its debtor-in-possession lender and the committee of unsecured creditors.
In July 2020, Sixt Rent A Car LLC and Orlando Rentco LLC bought most of Advantage’s assets—including certain airport concession agreements—for more than $6.6 million, plus a percentage of Orlando Rentco’s profits over two years.
Assets not yet sold would be transferred to a liquidating trust for the benefit of creditors, ...
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