UPDATE 1-Enterprise Rent-A-Car to buy assets of bankrupt rival

* Enterprise to buy Advantage assets for $19 mln

* Deal subject to bankruptcy court approval

* Deal to close by April, 2009 if accepted

March 3 (Reuters) - Enterprise Rent-A-Car [ERACR.UL] said it agreed to buy certain assets of Advantage Rent-A-Car Inc out of bankruptcy for $19 million.

In a statement, Enterprise said the deal was subject to approval by the bankruptcy court, which may also consider competing bids. The transaction is expected to close in April, 2009 if approved by the bankruptcy court.

"The asset purchase agreement gives Enterprise the ability to close or continue to operate any of Advantage's rental car facilities," the statement said.

In December last year, Advantage Rent-A-Car filed for bankruptcy protection and said it would explore strategic alternatives, including a possible sale or merger.

Rental car companies, like Advantage, Hertz Global Holdings Inc (HTZ.N) and Avis Budget Group Inc (CAR.N), have been hurt by the slowing economy as customers cut their discretionary spending on travel, translating to lower rentals.

The case is In re: Advantage Rent-A-Car Inc, No.08-46369 U.S. Bankruptcy Court, District of Minnesota. (Reporting by Santosh Nadgir in Bangalore, Editing by Dinesh Nair) ((santosh.nadgir@thomsonreuters.com; within U.S +1 646 223 8780; Outside U.S +91 080 4135 5800; Reuters messaging: santosh.nadgir.reuters.com@reuters.net))