Investment firms Knighthead Capital Management and Certares Management submitted a sweetened offer to buy Hertz Global Holdings Inc. out of bankruptcy in a deal that could see equity investors recover $2.25 a share.
Hertz will evaluate the proposal that assigns the rental-car company a more than $6.2 billion enterprise value to determine if it’s higher than one from its current reorganization sponsor, a group backed by Centerbridge Partners, according to people with knowledge of the matter who asked not to be named because the bid isn’t yet public.
The bid includes fully committed debt and equity financing, the people said. Hertz bondholders would be paid in full while shareholders get the chance to own a bigger portion of the reorganized company.
By Katherine Doherty
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