Advantage Seeking Del. Court OK For Ch. 11 Liquidation

By Leslie Pappas (Dec 9, 2021, 5:09 p.m. EST) – The former parent company of Advantage Rent A Car and its bankrupt subsidiaries will seek approval on Friday of a Chapter 11 plan to liquidate all remaining assets, asking a Delaware bankruptcy court to dismiss objections from the Office of the US Trustee that the plan relieves too many non-fiduciary parties of liability.

Advantage Holdco Inc., which sold its rental car business at the airport when it went bankrupt, on Wednesday filed a memorandum in support of its combined plan and the company’s disclosures.

The U.S. Trustee’s Office opposed the plan because it would exonerate post-confirmation entities, or PCEs, such as the lender DIP …

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