Advantage Rent-A-Car Fast-Track Bankruptcy Sale to Hertz
Advantage Rent-A-Car turned to Larkin Hoffman for assistance during the company’s Chapter 11 bankruptcy. The Larkin Hoffman team helped Advantage Rent-A-Car to successfully close on its transaction and sell most of its assets to Hertz as part of the bankruptcy proceeding. The case was on a fast track and was finished in roughly four months. Shortly before an auction was held in the Bankruptcy Court on March 31, 2009, the opening, competing bids by Hertz and Enterprise for the assets were in the range of $16 million. The final price at the auction was nearly $31 million. This is a remarkable accomplishment given the vast amount of material and the short timeframe. The Larkin Hoffman team was led by Kenneth Corey-Edstrom and comprised of a multi-disciplinary team that included Tom Flynn, Kathy Harrell-Latham, Brad Hennen, Michael Fleming, Jessica Rivas, Mark Geier, Karin Holt, Peter Carlson and Alan Brown.