Hertz bought out of bankruptcy after $4.2bn from investors
The Knighthead Capital Management and Certares Management deal comes after Hertz revenue for the fourth quarter was down 48% from 2020
New York/London — Hertz Global Holdings has received a bid from Knighthead Capital Management and Certares Management to purchase the rental-car company out of bankruptcy for as much as $4.2bn, according to court documents.
Under the plan, Knighthead and Certares would take control of Hertz when it emerges from its Chapter 11 reorganisation, with the final value of the deal dependent on how much existing lenders participate in the financing. The bid is backed by a travel industry-focused investment fund that Knighthead and Certares created in 2020 to take advantage of an expected rebound in companies that were disrupted by the Covid-19 pandemic...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.