Bankruptcy court approves Catalyst Capital's bid for Advantage Rent-A-Car

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A Mississippi bankruptcy judge has approved a deal that allows Canadian private equity firm The Catalyst Capital Group to buy Advantage Rent-A-Car.

The Ridgeland, Miss.-based rental car company filed for Chapter 11 bankruptcy in November. Catalyst emerged as a top bidder for Advantage in December and a judge finalized the sale Thursday.

The private equity firm will pay for the deal by forgiving a $46 million loan made earlier to Advantage as part of its bankruptcy proceedings.

Court documents show Advantage has assets and debts both exceeding $100 million.

Advantage was formerly owned by Hertz, which sold the business to meet regulatory conditions as part of its 2012 acquisition of Dollar Thrifty Automotive Group Inc.

Organizations: The Catalyst Capital Group, Dollar Thrifty Automotive Group Inc.

Geographic location: Mississippi

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