 "Hertz set to ride out of bankruptcy with $4.2 bn from investment firms")
Two investment firms will buy a majority stake in Hertz Global Holdings Inc for $4.2 billion under a restructuring plan expected to help it out of bankruptcy by early- to mid-summer, the car rental company said in a filing on Tuesday.
Under the proposed investment, Knighthead Capital Management LLC and Certares Opportunities LLC will buy up to 100% of Hertz's shares, with the funds expected to finance its US vehicle fleet and slash corporate debt.
"We've been...repositioning our business as we prepare for increased travel demand as the pandemic subsides," Chief Executive Paul Stone said.
Hertz filed for bankruptcy protection in
