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Hertz Selects $6B Bid From Knighthead, Certares and Apollo to Fund Chapter 11 Exit - News


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Hertz Selects $6B Bid From Knighthead, Certares and Apollo to Fund Chapter 11 Exit
May 13, 2021, 08:00 AM
Hertz Global Holdings announced that, following the completion of the auction previously approved by the Court in its Chapter 11 case, Hertz has selected and approved a revised proposal from certain funds and accounts managed by affiliates of each of Knighthead Capital Management LLC ( Knighthead ), Certares Opportunities LLC ( Certares ) and Apollo Capital Management, LP ( Apollo and together with Knighthead and Certares, the KHCA Group ) to provide the equity capital required to fund Hertz s revised Plan of Reorganization and exit from Chapter 11. The proposed agreements with the KHCA Group, as well as any necessary modifications to the Plan and solicitation procedures, are subject to the approval of the Bankruptcy Court at a hearing scheduled for Fr ....

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Hertz Selects $6 Billion Bid From Knighthead, Certares And Apollo To Fund Chapter 11 Exit


Hertz Selects $6 Billion Bid From Knighthead, Certares And Apollo To Fund Chapter 11 Exit
REVISED PROPOSAL WOULD PAY ALL CREDITORS IN FULL AND PROVIDE SUBSTANTIAL INCREASE IN THE RECOVERY TO SHAREHOLDERS
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ESTERO, Fla., May 12, 2021 /PRNewswire/  Hertz Global Holdings, Inc. (OTCPK:HTZGQ) ( Hertz or the Company ) today announced that, following the completion of the auction previously approved by the Court in its Chapter 11 case, Hertz has selected and approved a revised proposal from certain funds and accounts managed by affiliates of each of Knighthead Capital Management LLC ( Knighthead ), Certares Opportunities LLC ( Certares ) and Apollo Capital Management, LP ( Apollo and together with Knighthead and Certares, the KHCA Group ) to provide the equity capital required to fund Hertz s revised Plan of Reorganization and exit from Chapter 11. The proposed agreements with the KHCA Group, as well as any n ....

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Hertz Finds Equity Sponsor for its Chapter 11 Exit


Hertz Finds Equity Sponsor for its Chapter 11 Exit
05 April 2021
Hertz Global Holdings, Inc. has selected an enhanced proposal from Centerbridge Partners, L.P., Warburg Pincus LLC, and Dundon Capital Partners, LLC to provide the equity capital required to fund Hertz s exit from Chapter 11, keeping the Company on track to conclude its Chapter 11 case in June 2021.
The deal is reflected in definitive executed documents, including, (1) an Equity Purchase and Commitment Agreement, (2) a Plan Support Agreement, (3) a Bridge Financing Commitment for Hertz International Ltd., (4) an Amended Chapter 11 Plan of Reorganization (the Plan ), and (5) an amended Disclosure Statement (collectively, the Transaction Documents ), which have been filed with the Delaware Bankruptcy Court presiding over Hertz s Chapter 11 case. ....

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