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Article: Creditors Object to Sale of ANC Rental Corp.

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Knight Ridder/Tribune Business News
Article date:
June 17, 2003
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By Patrick Danner, The Miami Herald Knight Ridder/Tribune Business News

Jun. 17--The unsecured creditors' committee in ANC Rental Corp.'s bankruptcy moved to block the proposed sale of the Fort Lauderdale company' assets, claiming the process isn't set up to obtain the highest offer.

The committee contends the offer submitted is half of what potential purchasers were at one time willing to offer for the assets of ANC, parent company of Alamo Rent-A-Car and National Car Rental.

ANC recently selected Cerberus Capital Management, a private investment firm based in New York, as the lead bidder. Cerberus offered $230 million, along with the ...

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