|
|
Article: New York Investment Fund Closer to Taking Control of ANC Rental's Assets.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 29, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
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 ...