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 …
Stay one step ahead
In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas, and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.
Access to case data in articles (numbers, filings, courts, nature of prosecution, etc.)
Access to attached documents such as briefs, petitions, complaints, decisions, requests, etc.
Create personalized alerts for specific case articles and topics and more!