Then came a competing offer at the 11th hour, just as Hertz sought court approval to move ahead with its chosen sponsors. Now, Hertz will conduct another round of bidding to give the competing group a "full and fair opportunity to present their best proposal," according to court documents. If necessary, the current plan sponsors would have the opportunity to counter the other proposal at an auction. If there's an auction, it's to be held May 10 in a "virtual room," under the supervision of Hertz's attorneys. Hertz bidding process laid out In court documents, Hertz said the new process is designed to ensure that it chooses the reorganization plan that's "in the best interests of the company and its creditors and equity holders as a whole."