SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
Commission File Number: 0-30776
NOTIFICATION OF LATE FILING
(Check One): /X/ Form 10-K / / Form 11-K / / Form 20-F / / Form 10-Q
/ / Form N-SAR
For Period Ended December 31, 2002
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
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Read attached instruction sheet before preparing form. Please print or
type.
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:
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PART I
REGISTRANT INFORMATION
Full name of registrant: ANC Rental Corporation
Former name if applicable
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Address of principal executive office (Street and number)
200 South Andrews Avenue, Fort Lauderdale, Florida 33301
PART II
RULE 12B-25 (B) AND (C)
If the subject report could not be filed without unreasonable effort
or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
[X] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense;
[ ] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, 20- F, 11-K or Form N-SAR, or portion thereof will be
filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report or
transition report on Form 10-Q, or portion thereof will be filed
on or before the fifth calendar day following the prescribed due
date; and
[ ] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K,
20-F, 10-Q, N-SAR or the transition report portion thereof could not be
filed within the prescribed time period. (Attach extra sheets if needed.)
On November 13, 2001 (the "Petition Date"), ANC Rental Corporation
(the "Company"), and certain of its U.S. subsidiaries, including Alamo
Rent-A-Car, LLC, National Car Rental Systems, Inc. and Spirit Rent-A-Car,
Inc. d/b/a Alamo Local (collectively, the "Debtors"), filed voluntary
petitions for relief under chapter 11 of Title 11 of the United States Code
in the United States Bankruptcy Court for the District of Delaware (Case
No. 01 - 11200). The Debtors continue to manage their properties and
operate their businesses as "debtors-in-possession" under the jurisdiction
of the Bankruptcy Court and in accordance with the provisions of the
Bankruptcy Code.
Since the Petition Date, the Company's accounting and financial staff,
who are critical to the preparation of the Form 10-K, have been primarily
engaged in dealing with bankruptcy related matters and, together with the
Company's advisors, formulating a substantially modified business strategy
to promptly formulate and consummate a reorganization plan. The development
and implementation of the Company's chapter 11 reorganization include not
only the administration of the chapter 11 cases, but also, among other
burdens, preparing detailed financial budgets and projections, formulating
and preparing disclosure materials required by the Bankruptcy Court,
analyzing accounts payable and receivable, assembling data for the
valuation and schedule of the Company's assets and liabilities and
statement of financial affairs to be filed with the Bankruptcy Court,
seeking financing, and preparing the monthly operating reports for the
Bankruptcy Court and United States Trustee. In light of the significant
resources and time dedicated by the Company's accounting and financial
staff to such chapter 11 filing, the Company has been unable to complete
its annual report on Form 10-K for the period ending December 31, 2002.
The Company is in good faith proceeding diligently to complete its
Form 10-K for the period ending December 31, 2002. The Company expects to
file the Form 10-K as soon as practicable. However, the Company cannot
presently predict when its accounting and financial staff will complete the
annual report and when its auditors will complete their audit and, thus,
the Company cannot estimate when the Form 10-K will be filed with the
Securities and Exchange Commission.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Howard D. Schwartz (954) 320-4000
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such report(s) been filed?
If the answer is no, identify report(s).
/X/ Yes / / No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report
or portion thereof.
/X/ Yes / / No
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons why
a reasonable estimate of the results cannot be made.
The Company's annual report on Form 10-K for the period ending
December 31, 2002 has not been finalized. However, in light of the
Company's filing for relief under chapter 11 and other factors, and
reflecting the Alamo Local Market Division as a discontinued operation, the
Company expects that its revenue for the fiscal year ended December 31,
2002 will show a decline from the revenue for the preceding fiscal year and
that its pretax loss from continuing operations, before consideration of
adopting new accounting standards, will be less than its net loss for the
preceding fiscal year. See "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our Form 10-Q for the
quarter ended September 30, 2002.
ANC Rental Corporation
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: March 31, 2003 By: /s/ Howard D. Schwartz
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Howard D. Schwartz
Instruction. The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The name and
title of the person signing the form shall be typed or printed beneath the
signature. If the statement is signed on behalf of the registrant by an
authorized representative (other than an executive officer), evidence of
the representative's authority to sign on behalf of the registrant shall be
filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal
criminal violations (see 18 U.S.C. 1001).
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 of the General Rules and
Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and
Exchange Commission, Washington, DC 20549, in accordance with Rule 0-3 of
the General Rules and Regulations under the Act. The information contained
in or filed with the form will be made a matter of the public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall be
filed with each national securities exchange on which any class of
securities of the registrant is registered.
4. Amendments to the notifications must also be filed on Form 12b-25
but need not restate information that has been correctly furnished. The
form shall be clearly identified as an amended notification.
5. Electronic Filers. This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties.
Filers unable to submit a report within the time period prescribed due to
difficulties in electronic filing should comply with either Rule 201 or
Rule 202 of Regulation S-T or apply for an adjustment in filing date
pursuant to Rule 13(b) of Regulation S-T.