This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Franchise Services Of North America Inc. Provides Update On Simply Wheelz LLC Bankruptcy Proceedings

TSX-V Trading Symbol: FSN

RIDGELAND, MS, Nov. 8, 2013 /PRNewswire/ - FRANCHISE SERVICES OF NORTH AMERICA INC. (" FSNA" or the " Company") (FSN.V) provides the following update on the previously-announced bankruptcy proceedings of the Company's wholly-owned subsidiary, Simply Wheelz LLC (" Simply Wheelz"), which does business as Advantage Rent A Car, in the United States Bankruptcy Court for the Southern District of Mississippi (the " Court").

On November 7, 2013, the Court entered interim orders authorizing Simply Wheelz to, among other things: (i) make payments to certain critical vendors, (ii) assume executory contracts with certain online travel agents, (iii) honor prepaid reservations from its customers, (iv) pay employee and independent contractor wages and associated taxes and benefits, and (v) make certain airport concession payments, in each case in accordance with the terms and conditions of the respective order.

On November 8, 2013, the Court entered an interim order approving a US$20 million line of credit facility for Simply Wheelz.

Simply Wheelz is scheduled to appear before the Court on December 3, 2013 to request final approval of a US$36 million line of credit and other matters approved to date.

About FSNA

FSNA is a publicly traded company listed on the TSX Venture Exchange. The Company and its subsidiaries own the following brands: Advantage Rent A Car, U-Save Car & Truck Rental® (" U-Save"), U-Save Car Sales, Rent-A-Wreck of Canada, PractiCar, Auto Rental Resource Center (" ARRC"), Xpress Rent A Car and Peakstone Financial Services.

The Company operates the Advantage car rental brand at 72 corporate locations in 33 states.  Advantage has airport locations servicing 60 of the top 70 airports across the United States and those airports account for more than US$10 billion in annual car rental revenue.   Advantage is the fourth largest independent rental car company in the United States.

U-Save, together with its subsidiary ARRC, has over 900 locations throughout the United States and is one of North America's largest franchise car rental companies. U-Save currently services 19 airport markets in 13 different states. Although primarily based in the United States, U-Save has 18 international locations in Mexico, Greece, the Middle East, Latin America, and the Caribbean.

Practicar Systems Inc. owns the rights to the Rent-A-Wreck® and the PractiCar® trademarks for all of Canada. The Rent-A-Wreck® system operates a network of 61 franchise locations from coast-to-coast in Canada, providing a range of vehicle rental, leasing and sales options to its customers. The Rent-A-Wreck® system has been in continuous operation in Canada since 1976.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Franchise Services of North America Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs