The 2002 credit facility with Chrysler Financial Corporation (CFC) had an all-encompassing guarantee for all CFC debt. In late 2008 as the bond market was collapsing and the recession deepened, CFC pulled its credit facilities and demanded full payment of hundreds of millions of dollars that were tied up in real estate, automotives and other assets. This foiled the impending sale of Advantage Rent A Car to Hertz and later forced Advantage into bankruptcy. Poor conditions in the travel and leisure industry made additional financing unavailable and options for repayment in an orderly fashion quickly faded. This perfect storm led to today’s actions.

Because this bankruptcy is with me personally, the ongoing businesses should continue as they are. Erik Dove, vice chairman of DEH Family Holdings for the past four years, will become the Chief Restructuring Officer and work with the court-appointed trustee moving forward. I want to thank all my employees and customers for all their support through these hard times. For me, this is not the last chapter, it is part of life and turning the page.’