As Hertz exits bankruptcy, Reddit crowd pockets a big score
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By Katherine Doherty and Steven Church
July 1, 2021 1.06pm
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It was seen as one of the great markers of out-of-control, irrational froth during the pandemic legions of amateur day traders were frantically snapping up shares of Hertz Global Holdings after it filed for bankruptcy.
As the stock swelled to $US5.50 last June, it made no sense to the experts. Regulators stepped in, blocking the car rental company from selling any new shares to gullible investors.
As Hertz Exits Bankruptcy, the Reddit Crowd Pockets a Big Score bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
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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 Friday, May 14, 2021
BLOOMBERG
Hertz Global Holdings Inc. picked Knighthead Capital Management and Certares Management to buy the company out of bankruptcy, capping a dramatic brawl for control of the car renter as travel rebounds, according to people with knowledge of the matter.
The company selected a bid from the firms over a competing group led by Centerbridge Partners, Warburg Pincus and Dundon Capital Partners, the people said, asking not to be identified discussing private plans. The winning plan would hand shareholders value of around $8 a share, made up of about $240 million in cash and warrants for nearly 20 percent of the reorganized equity, they added.
Knighthead, Certares seen as winners of Hertz bankruptcy auction â Bloomberg By Syndicated Content
May 12, 2021 | 8:16 AM
(Reuters) â Investment firms Knighthead Capital and Certares Management appear to have won an auction to fund U.S. car rental firm Hertz Globalâs exit from bankruptcy, according to a Bloomberg News reporterâs tweet https://bit.ly/3oid2K8 on Wednesday.
The firms along with private equity company Apollo Global Management have been in a bidding war with Centerbridge Partners, Warburg Pincus and Dundon Capital Partners, to provide equity capital for Hertzâs exit from bankruptcy exit.
Hertz was not immediately available for comment.