Hertz Exits Chapter 11 with Corporate Debt Reduced by Nearly 80%

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.

July 1, 2021 Apollo Capital Management | Certares Opportunities | Henry Keizer | Hertz Global Holdings | Knighthead Capital Management | Paul Stone Ian Koplin

Hertz Receives Bankruptcy Court Approval for Plan of Reorganization

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.

June 11, 2021 FTI Consulting | Hertz Global Holdings | Moelis & Co | Paul Stone | White & Case Ian Koplin

Hertz to Fund Chapter 11 Exit with $6B Bid From Knighthead, Centares and Apollo

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.

May 14, 2021 Apollo Capital Management | Centerbridge Partners | Certares Opportunities | Dundon Capital Partners | Hertz International | Knighthead Capital Management | Paul Stone | Warburg Pincus Ian Koplin

Hertz Progress Toward Chapter 11 Exit, Continues Plan of Reorganization Sponsorship Negotiations

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.

March 31, 2021 Centerbridge Partners | Certares Opportunities | Dundon Capital Partners | Hertz | Knighthead Capital Management | Paul Stone | Warburg Pincus Ian Koplin

Hertz Files Plan of Reorganization, Knighthead and Certares to Serve as Plan Sponsors

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.

March 3, 2021 Certares Opportunities | FTI Consulting | Hertz | Knighthead Capital Management | Moelis & Co | Paul Stone | White & Case Phil Neuffer

Hertz Enters Asset Purchase Agreement with Athene for Sale of Donlen Corp.

Hertz entered into a stock and asset purchase agreement to sell substantially all of the assets of its wholly-owned subsidiary, Donlen Corporation, a fleet management and financing provider, to Athene Holding for an anticipated cash payment of $825 million before adjustments.

November 30, 2020 Athene | Donlen Corporation | Hertz | Jim Belardi | Paul Stone | Tom Callahan ABF Journal

Athene Provides ABS Short-Term Facility Totaling $4B for Hertz

Athene, an affiliate of Apollo Capital Management, committed to provide Hertz Global Holdings a $4 billion asset-backed securitization short-term facility.

November 6, 2020 Apollo Capital Management | Athene USA Corporation | FTI Consulting | Hertz Global Holdings | Moelis & Co | Paul Stone | White & Case ABF Journal

Hertz Global Holdings Secures $1.65B Commitments in DIP Financing

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.

October 19, 2020 FTI Consulting | Hertz | Moelis & Co | Paul Stone | White & Case ABF Journal