Article: New York Investment Fund Closer to Taking Control of ANC Rental's Assets.

By Patrick Danner, The Miami Herald Knight Ridder/Tribune Business News

Jul. 29--A New York hedge fund is a step closer to taking control of Alamo Rent A Car and National Car Rental System after a planned auction of ANC Rental Corp.'s assets attracted no additional bidders.

ANC can skip the auction and proceed to a Delaware bankruptcy court hearing Aug. 6, at which time a judge will decide whether to approve the sale of the Fort Lauderdale company's assets to Cerberus Capital Management. If the sale is approved, a late August closing is anticipated.

Cerberus has offered to pay $230 million, assume $60 million in nonvehicle debt and ...

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