Focus Management Group

Transportation Industry Experience

Car Rental Service

Industry:

Automotive

Company:

Nationwide Car Rental Service

Situation:

A nationwide car rental service was experiencing a severe liquidity crisis and extensive pressure from creditors, after Chrysler Financial advised they were going to take back 60% of the fleet. The Company went from a 15,000 car fleet to 6,000 cars.

Focus Scope:

Focus Management Group was hired as the Chief Restructuring Officer to run and guide the company through the bankruptcy process.

Tasks Performed:

  • Provided advisory services and de-facto management of company during the six months the company was in Chapter 11.
  • Rationalized the business while complying with bank requirements by reporting on any preference payments, litigation rights and reclamation claims.
  • Worked with the debtor and counsel to devise a plan which resulted in a 363 sale.
    Completed the sale of the Company.

Results:

  • The Company was sold to Hertz Rental Car for $30.3 million which was a significant increase from the original bid of $13 million.
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