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 Global Holdings received bankruptcy court approval of its plan of reorganization. The plan unimpairs all classes of creditors and was approved by more than 97% of voting shareholders. The court’s approval clears the way for Hertz to emerge from Chapter 11 by the end of June.
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 Global Holdings selected an enhanced proposal from Centerbridge Partners, Warburg Pincus and Dundon Capital Partners to provide the equity capital required to fund its exit from Chapter 11, keeping the company on track to conclude its Chapter 11 case in June 2021.
Athene, an affiliate of Apollo Capital Management, committed to provide Hertz Global Holdings a $4 billion asset-backed securitization short-term facility.
Hertz Global Holdings amended certain provisions of its senior facilities and entered into a new $400 million standalone letter of credit facility. Barclays served as administrative agent for the transaction.
Hertz Global Holdings announced Barclays Capital and J.P. Morgan acted as joint lead bookrunners for a transaction in which Hertz Fleet Lease Funding issued $500 million in asset-backed notes.