Robert Besser
08 Apr 2021, 02:57 GMT+10
BONITA SPRINGS, Florida: Rental car giant Hertz Global Holdings Inc announced on Saturday that it has begun the process of emerging from bankruptcy.
In May 2020, as the rental car industry was devastated by there being no traveling during the pandemic, Hertz filed for bankruptcy protection, as talks with creditors failed to reach agreement on paying off debts.
Under the just-announced agreement, Centerbridge Partners, Warburg Pincus, and Dundon Capital Partners will fund Hertz's departure from Chapter 11.
The proposed proposed financial plan is supported by 85 percent of the company's unsecured notes, Hertz said in a statement.
Among the provisions of the debt agreement, approximately 48.2 percent of the equity in the reorganized company will be made available to claimants, along with the rights to purchase an additional $1.6 billion of equity.
"This plan accomplishes all the goals we set out to achieve through our financial restructuring. Our new sponsors, combined with our strong leadership team, will bring significant operational experience across fleet financing and management, which will benefit all of our stakeholders," Chief Executive Paul Stone said.
Get a daily dose of Israel Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Israel Herald.
More InformationROME, Italy: As Covid-19 rages throughout Europe, Italy recorded 344 coronavirus-related deaths on Saturday and 718 the day before. However, ...
TAIPEI, Taiwan: China has again sent fighter jets into Taiwan's air defense zone, causing Taiwan to launch its own jets ...
ROME, Italy: Italian restaurant owners clashed with police earlier this week during a demonstration outside Parliament in Rome, as they ...
BRUSSELS, Belgium: A senior European medical official has said that there is a "clear link" between the use of the ...
BRUSSELS, Belgium: The majority of European Union nations will have enough Covid vaccinations to inoculate over 55 percent of their ...
Britain's Prince Philip, the Duke of Edinburgh, has died at the age of 99 after seven decades at the heart ...
WASHINGTON D.C.: As the economic activity in the United States recovers faster than that of its rivals, the nation's trade ...
DETROIT, Michigan: General Motors is currently working on cutting the cost of electric vehicle batteries, as well as their reliance ...
MIAMI, Florida: Carnival Corp, the world's largest cruise operator, is refraining from picking sides on the question of making COVID-19 ...
DETROIT, Michigan: General Motors declared its intent to manufacture electric Chevrolet Silverado pickup trucks in late 2022. The electric vehicles ...
NEW YORK, New York: Driven by the surge in demand for cryptocurrencies from both institutional and retail investors, the market ...
WASHINGTON D.C.: Google has emerged victorious in a case filed by Oracle, as the U.S. Supreme Court that Google's use ...