RentPath Files Bankruptcy, Plans $588 Million Sale to CoStar (1)

RentPath LLC, the home rental website operator owned by TPG Capital and Providence Equity Partners, filed for Chapter 11 bankruptcy in Delaware with plans to sell itself to CoStar Group for $588 million in cash.

Atlanta-based RentPath listed assets of as much as $500 million and liabilities of as much as $1 billion in its bankruptcy petition. It has arranged a $74 million bankruptcy loan, court papers show.

“RentPath was burdened with a heavy debt load that prevented the company from making the necessary investments in building brand recognition and generating traffic from Google,” CoStar Chief Executive ...