Share this...


Opportunity To Purchase 100% of the Equity of Chapter 11 Debtor, Airport Van Rental, Inc.

  1. Airport Van Rental, Inc. (“Debtor”) filed chapter 11 bankruptcy on December 11, 2020, as Case Number 2:20-bk-20876-BB, pending in the United States Bankruptcy Court for the Central District of California (“Bankruptcy Court”).
  2. The Debtor is in the business of renting large passenger vans, minivans, and SUVs in the areas surrounding high-volume airports in California, Georgia, Nevada, and Texas. The Debtor maintains a fleet of more than 1,000 vehicles.
  3. The Debtor is proposing a “new value” chapter 11 plan of reorganization (“Chapter 11 Plan”) pursuant to which the Debtor’s current sole shareholder is to provide a cash contribution of $500,000 to the Debtor’s estate as a “new value” contribution in exchange for retention of 100% of the equity of the Debtor (“Stalking Horse Bid”).
  4. The Stalking Horse Bid is subject to higher and better bids (“overbids”) and the Debtor is now seeking overbids pursuant to the requirements set forth in the bidding procedures approved by the Bankruptcy Court (“Bidding Procedures”).
  5. The deadline to submit an overbid, pursuant to the Bidding Procedures, is June 14th. Any overbid must be at least $600,000.
  6. The winning bidder will not be purchasing the assets of the Debtor free and clear of all claims. Rather, the winning bidder will be purchasing 100% of the equity of the Debtor. The Debtor will then be responsible for performing under the Plan (though modifications to the Plan are possible). In connection therewith, the winning bidder will need to be able to prove to the satisfaction of the Bankruptcy Court that the Debtor, under the winning bidder’s ownership, will be able to perform under the Plan.
  7. More information about the Debtor and the sale process may be reviewed in this PowerPoint. The Debtor’s website is here. For more information or to submit a bid, contact the Debtor’s investment banker, Darryl Myers, Managing Director. Force 10 Partners, by email at [email protected] or by phone at (949) 529-9016.
  8. About Force 10 Partners: Force 10 Partners is an advisory firm specializing in corporate restructuring, challenged businesses, litigation, and other special situations. Force 10 work with the legal community and their clients to create advantage and financial return. Their unique insight is an amalgamation of accounting, finance, and strategy — all rooted in years of experience.

About DailyDAC

DailyDAC™ is the oldest, most trusted, and most widely used provider of public notices of asset sales and case commencements, and other important notices involving companies in financial distress in the United States and Canada. DailyDAC™ public notices are used by bankruptcy trustees, chapter 11 debtors in possession, federal and state court receivers, and secured parties disposing of their collateral under Article 9 of the Uniform Commercial Code or other state law trust (and their respective auction firms, law firms, and other agents). Learn more.

Many sales of distressed companies and distressed business assets are not widely advertised. If you are buyer of such companies or assets, you may be well served by becoming a paying subscriber to Distressed Deal Data™. Find out more.

The DailyDAC Editors