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.
Athene, an affiliate of Apollo Capital Management, committed to provide Hertz Global Holdings a $4 billion asset-backed securitization short-term facility.
Hertz secured commitments for debtor-in-possession financing totaling $1.65 billion. Moelis & Co. is serving as investment banker, while FTI Consulting is serving as Hertz’s financial advisor and White & Case is serving as legal advisor.
Reuters reported that Crocs said Blackstone Group is making a $200 million investment that will give the private equity firm a 13% stake in the company. Moelis & Co acted as financial advisor, and Perkins Coie provided legal counsel for Crocs.