Hertz Global Holdings completed its Chapter 11 restructuring process and emerged from bankruptcy. Hertz received bankruptcy court approval of its plan of reorganization on June 10.
Hertz selected and approved a revised proposal from certain funds and accounts managed by affiliates of each of Knighthead Capital Management, Certares Opportunities and Apollo Capital Management (together with Knighthead and Certares, the KHCA group) to provide the equity capital required to fund Hertz’s revised plan of reorganization and exit from Chapter 11.
Hertz Global Holdings received a revised proposal from affiliates of Knighthead Capital Management, Certares Opportunities and Apollo Capital Management to provide equity capital required to fund Hertz’s exit from Chapter 11.
Hertz will continue the process of negotiating the terms on which its plan of reorganization will be sponsored without delaying its goal of exiting Chapter 11 by early to mid-summer.
Hertz filed its proposed plan of reorganization and related disclosure statement with the U.S. Bankruptcy Court for the District of Delaware. Knighthead Capital Management and Certares Opportunities will serve as the plan sponsors.