Hertz has selected a new group of private equity firms to lead its exit from bankruptcy, as an expected recovery in global travel set off a bidding war for the American car rental group that filed for bankruptcy in May of 2020.
Hertz said that a recent proposal led by Centerbridge Partners, Warburg Pincus, and Dundon Capital Partners in which the group would invest as much as $2.5bn in the reorganised group, “maximises the Company’s opportunity to capitalise on the current market conditions for the financing of its business going forward and to exit Chapter 11 in a timely and efficient fashion”.
In early March, Hertz had selected an offer from private equity firms Knighthead Capital and Certares Opportunities LLC in which the firms had agreed to lead a similar multibillion-dollar investment in the Florida-based company.
Source: Financial Times
By Sujeet Indap
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