Wednesday, 05 May 2021 18:59

Hertz Reconsidering Reorganization Proposals for Chapter 11 Exit

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Hertz Global Holdings, Inc. on May 5 announced it has considered a revised proposal made by affiliates of Knighthead Capital Management LLC, Certares Opportunities LLC and Apollo Capital Management, LP (KHC Group) to provide equity capital required to fund Hertz's exit from Chapter 11.

Hertz has determined the revised proposal constitutes a superior proposal as contemplated by its agreement with its existing plan sponsors, affiliates of Centerbridge Capital Partners, L.P., Warburg Pincus LLC and Dundon Capital Partners, LLC, which agreement remains in effect.


If the current plan sponsors inform Hertz by May 7 they intend to make a counteroffer to the proposal by the KHC Group, then Hertz will proceed to an auction on May 10 in accordance with the process established by the Bankruptcy Court. 


Hertz will comply with the procedures established by the Bankruptcy Court's April 28 order.


For court documents or filings, click here or call (877) 428-4661.


White & Case LLP is serving as legal advisor, Moelis & Co. is serving as investment banker and FTI Consulting is serving as financial advisor.


Source: Hertz

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