The firm announced last week that it had voluntarily made the filing in the US as part of a programme to reduce non-vehicle debt and arrange new investment, while maintaining normal operations.
Budget Rent a Car International is included in the petition, but this week a spokesman for the firm insisted that UK operations would be unaffected by the change. Budget's US and international franchisees are not involved in the Chapter 11 filing.
Budget has secured a commitment for $750 million of vehicle financing to maintain and grow its fleet of vehicles. In addition, the company has received a commitment for up to $100 million of additional financing to support day-to-day operations in the USA.
Sandy Miller, chairman and chief executive officer of Budget Group said: 'Despite the success of our efforts to increase productivity and rationalise costs, the impact of September 11th and the continued recession in the travel sector has left Budget Group with a level of non-vehicle debt greater than our operations can reasonably support.
'We believe that Chapter 11 will accelerate our plan to reduce our non-vehicle debt and will pave the way for new capital investment in the company.'
Budget has already reorganised its UK division, shifting to a franchised network of 103 outlets, with only seven corporately-owned sites.
Last year, National Car Rental in the UK fought to distance itself from its international parent firm ANC Rental Corporation after the USA-based operation filed for Chapter 11 bankruptcy .
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