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Bloomberg and CNN reported on the potential impact the pause
in the use of Johnson & Johnson s Covid-19 shot could
have. In the wake of the announcement, stay-at-home company
stocks bounced, while travel company stocks fell as investors
worried about the potential long-term impact. [Bloomberg;
April 13, 2021 & CNN; April 14, 2021]
The Wall Street Journal reported on an
intensifying bidding war for Hertz as previously-outbid investors
returned to the table with a counteroffer for the car rental
company in chapter 11 with a valuation of $6.2 billion. The revised
bid by Knighthead Capital Management LLC and Certares Management
Not for long, however.
On Friday, the judge postponed decisions on the plan after an alternative offer surfaced to fund the company s exit from bankruptcy a day earlier, giving Hertz little time to adequately review it.
Hertz attorney Tom Lauria, with White & Case, characterized the offer as a classic bear hug, and an 11th-hour uninvited proposal leaked to the press.
The Wall Street Journal ran a story about the competing plan, ahead of the court hearing after getting a news tip about it from the investors behind it.
Investment firms Knighthead Capital Management and Certares Management have strengthened their bid, in hopes of beating out the group Hertz chose over them a few weeks ago.
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Hertz bankruptcy: Company seeks judge s approvals as deadline nears naplesnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naplesnews.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
The desk of car rental company Hertz is seen at Nice International airport during the coronavirus disease (COVID-19) outbreak in Nice, France, May 27, 2020. REUTERS/Eric Gaillard
(Reuters) - Investment firms Knighthead Capital Management and Certares Management sweetened their bid to fund Hertz Global’s exit from bankruptcy, valuing the U.S. car rental firm at $6.2 billion, the Wall Street Journal reported on Friday.
Knighthead and Certares have proposed taking control of Hertz with backing from some existing shareholders of the rental firm and private-equity company Apollo Global Management Inc, which has agreed to supply up to $2.5 billion in preferred equity financing, the report said here, citing people familiar with the matter.