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.
Deerfield Healthcare Technology Acquisitions closed its business combination with CareMax Medical Group and IMC Medical Group Holdings. The combination was partially funded by $125 million in financing from a $185 million credit facility from RBC Capital Markets and Truist Securities.
The banking app Dave and VPC Impact Acquisition Holdings, a special purpose acquisition company sponsored by Victory Park Capital, entered into a business combination agreement that will result in Dave becoming a publicly traded company with an expected equity value of approximately $4 billion.
Gordon Mak and Stanimir Kostov joined Allen & Overy as partners in the firm’s U.S. leveraged finance practice, which is based in New York.
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 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.
AgroFresh closed its comprehensive refinancing, including an amendment and extension of its senior secured credit facilities. BMO Capital Markets acted as sole financial advisor and left-lead bookrunner, while Deutsche Bank and ING acted as joint lead arrangers and joint bookrunners.
SCM Topco, parent of Salt Creek Midstream, closed on a recapitalization with additional investments from both its existing lender groups and funds managed by Ares Management.