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Hertz Selects $6 Billion Bid From Knighthead, Certares And Apollo To Fund Chapter 11 Exit REVISED PROPOSAL WOULD PAY ALL CREDITORS IN FULL AND PROVIDE SUBSTANTIAL INCREASE IN THE RECOVERY TO SHAREHOLDERS News provided by Share this article Share this article ESTERO, Fla., May 12, 2021 /PRNewswire/ Hertz Global Holdings, Inc. (OTCPK:HTZGQ) ( Hertz or the Company ) today 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 n ....
Real estate network looks for new Boston foothold Updated May 12, 2021, 1 hour ago Email to a Friend NAI Global returns to Boston NAI Global, the New York-based network of commercial real estate firms, has returned to Boston, this time through a newly launched pilot program aimed at signing up individual brokers to its network in cities where it does not have an affiliated firm. The first in Boston to join NAI in this effort is JP Plunkett, founder of Red Dome Realty, a four-person real estate firm based in Dorchester. Plunkett said his firm will keep its name, while reflecting the NAI affiliation in its branding, and he will help the umbrella company search for other members in Greater Boston. Affiliated firms and individuals continue their independence but share marketing and other resources. NAI was last in Boston through an affiliation with Hunneman, but NAI and Hunneman parted ways because Hunneman wanted to have its own branding in 2018. (NAI still has affili ....
Hertz has improved upon its financial results from last year by cutting costs, so that they re better aligned with demand. Over the past few months, Hertz s business has also improved markedly, as more Americans get vaccinated, making them more comfortable with travel, at least within the United States. This quarter we realized the first effects of the leisure travel rebound and capitalized on strong demand-driven pricing in destination markets that exceeded 2019 levels, said Paul Stone, Hertz Global s president and CEO, in a statement. We re continuing to see improved demand and are optimistic about a sustained recovery. With that optimism, Hertz is working aggressively to replenish its fleet, despite the constraints of the global semiconductor shortage and its impact on the automotive supply chain, Stone said. ....
Hertz Bidding War Builds as Centerbridge Preps New Counteroffer May 07 2021, 10:11 AM May 07 2021, 2:27 AM May 07 2021, 10:11 AM (Bloomberg) A group of investment firms including Centerbridge Partners is preparing a new offer to buy Hertz Global Holdings Inc. out of bankruptcy, setting up a final showdown over the company in an auction next week. (Bloomberg) A group of investment firms including Centerbridge Partners is preparing a new offer to buy Hertz Global Holdings Inc. out of bankruptcy, setting up a final showdown over the company in an auction next week. The group, led by Centerbridge, Warburg Pincus and Dundon Capital Partners, plans to sweeten a previous offer that was surpassed by a plan from Knighthead Capital Management and Certares Management, according to people with knowledge of the matter who asked not to be named because the bid isnât yet public. Terms of the new bid couldnât immediately be learned, but any exit plan would be ....