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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...

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