Kore Capital and Whitebox Advisors joined Delta Air Lines, Certares Management, Knighthead Capital Management and Cox Enterprises in providing Wheels Up, a provider of on-demand private aviation, with a $40 million term loan facility.
Wheels Up Experience has closed the previously announced investment by Delta Air Lines, Certares Management, Knighthead Capital Management and Cox Enterprises.
ATI Physical Therapy, an outpatient physical therapy provider in the United States, completed its previously disclosed transaction support agreement to increase the company’s liquidity and financial flexibility.
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.
The Wall Street Journal reported Knighthead Capital Management says it is “extremely troubled” by a lack of transparency for millions of dollars of fees charged in the liquidation of MF Global.
Patriot Coal announced that the Bankruptcy Court for the Eastern District of Missouri has approved the company to seek a creditor vote on its Plan of Reorganization.