ANC Approved to Spend $1 Billion - Up to 50,000 New Cars Will Be Purchased -.Business Editors/Travel Writers FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Feb. 11, 2002 ANC ANC abbr. African National Congress ANC African National Congress: South African political movement instrumental in bringing an end to apartheid ANC n abbr (= Rental Corporation won court approval Wednesday, February 6, of its agreement with MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Insurance Corporation to use up to $1 billion of financing capacity by ARG See argument. arg - argument Funding Corporation, a wholly-owned subsidiary of ANC, to purchase new vehicles. MBIA insures a portion of the debt issued by ARG Funding Corporation, which is ANC's domestic fleet financing subsidiary. "This was a critical step in our restructuring efforts. It keeps us competitive and allows us to buy up to 50,000 vehicles now when travel is picking up. We are very appreciative of the continued confidence of MBIA and our creditors committee," said Larry Ramaekers, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and president of ANC Rental Corporation. The company has begun placing orders for delivery in early March as it begins to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale for the spring and summer season when car rental volume peaks. ANC has reached an agreement with several major automobile manufacturers, including GM, Chrysler, Mitsubishi, Toyota, among others, to supply it with vehicles. ANC Rental Corporation, headquartered in Fort Lauderdale, is one of the world's largest car rental companies with annual revenue of approximately $3.2 billion in 2001. ANC Rental Corporation, the parent company of Alamo and National, has more than 3,000 locations in 69 countries. Its more than 17,000 associates serve customers worldwide with an average daily fleet of approximately 271,000 automobiles. Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause the actual results to differ materially from management's projection, forecasts, estimates and expectations is contained in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other SEC filings. |
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