ANC Rental Agrees to Sell Alamo, National

ANC Rental Corp., the parent company of Alamo Rent-A-Car and National Car Rental, has signed a tentative agreement to sell the two subsidiaries to a private investment group for $230 million.

Cerberus Capital Management, a New York-based investment fund, also would assume $60 million in non-vehicle debt and more than $2 billion in vehicle debt. It also would provide a $150-million working capital line.

The Fort Lauderdale, Fla.-based company filed for bankruptcy protection in November 2001.

From Associated Press