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More travel executives get their mission-critical industry news from Skift than any other source on the planet.Tell me more In a court-sanctioned auction process, the Knighthead Capital Management, Certares Opportunities and Apollo Capital Management won a court-approved auction to lead Hertz out of Chapter 11 bankruptcy. The group, subject to a bankruptcy court hearing slated for Friday, would fund $2.9 billion of stock investments in Hertz, issue $1.5 billion in preferred stock to Apollo, and execute an offering of $1.63 billion of common stock for existing Hertz shareholders. The deal announced Wednesday is the culmination of a bidding war that began in early March between the Knighthead Capital Management-Certares Management group and rivals Centerbridge Partners, Warburg Pincus and Dundon Capital Partners, which each traded a couple of rival bids. At various junctures, the competing bids received the blessing of Hertz management.

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