England Opens U S Travel and 11 Other Top Travel Stories This Week skift.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from skift.com Daily Mail and Mail on Sunday newspapers.
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.