Advantage Opco LLC — which is the parent company of Advantage Rent-A-Car — has filed a voluntary petition for reorganization under Chapter 11 in the United States Bankruptcy Court for the District of Delaware on Friday, May 29, 2020; and the bankruptcy petition lists liabilities between $500 million and $1 billion, with estimated assets of between $100 million and $500 million.
Advantage Rent-A-Car Files for Chapter 11 Bankruptcy Protection
Advantage Rent-A-Car — which from 2009 to 2013 was a former subsidiary of Hertz Global Holdings, which itself also filed voluntary petitions for reorganization under Chapter 11 recently — has filed for bankruptcy before in 2008 and 2013.
The current 2019 Novel Coronavirus pandemic “exacerbated the Debtors’ liquidity issues and left car rental companies almost overnight with a decline of more than 95% of previous revenues”, according to the aforementioned document. “After careful and extensive consideration of all available alternatives and having given due consideration to the interests of all stakeholders, and in a final effort to provide some value to their stakeholders, the Debtors seek this Court’s approval of an expedited auction and sale process.”
Summary
The current 2019 Novel Coronavirus pandemic has virtually decimated the travel industry as a whole. Do not be surprised if another rental car company decides to file a voluntary petition for reorganization under Chapter 11.
This article is the latest in a series pertaining to the 2019 Novel Coronavirus — which is also known as COVID-19 or 2019-nCoV or SARS-CoV-2 or HCoV-19 or severe acute respiratory syndrome coronavirus 2 — pandemic in an effort to get the facts out with information derived from reliable sources…
…as well as attempt to maintain a reasoned and sensible ongoing discussion towards how to resolve this pandemic.
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Photograph ©2018 by Brian Cohen.
