Hertz Selects Proposal from the Sponsorship Group to Exit Chapter 11 Status | Hertz Selects Proposal from the Sponsorship Group to Exit Chapter 11 StatusFinancial Buzz

Hertz Selects Proposal from the Sponsorship Group to Exit Chapter 11 Status

Hertz Global Holdings, Inc. (OTC: HTZGQ) reported selection of an enhanced proposal from Centerbridge Partners, L.P., Dundon Capital Partners, LLC and Warburg Pincus or the Sponsorship Group.  The Sponsorship Group will provide equity capital that is required to fund the Company’s exit from Chapter 11 Status.  The company is on track to conclude chapter 11 status in June 2021.  This transaction is still subject to approval by the Bankruptcy court and is supported by holders of over 85% of the Company’s unsecured notes which are the vast majority of creditors in the largest class of claims voting on the plan. 

Paul Stone, President and Chief Executive, said: “We are pleased to be moving forward with an enhanced proposal supported by our largest creditor constituency and that delivers excellent value to all our stakeholders. This plan accomplishes all the goals we set out to achieve through our financial restructuring.  Our new sponsors combined with our strong leadership team will bring significant operational experience across fleet financing and management, which will benefit all of our stakeholders. We look forward to emerging from Chapter 11 in the second quarter financially and operationally stronger, and well-positioned to achieve the opportunities in the rebounding travel market.”

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