Hertz Ch. 11 Plan Puts Knighthead, Certares In Control

Law360 (March 2, 2021, 4:00 PM EST) -- Hertz Corp. submitted a plan Tuesday to exit Chapter 11 with a sale of up to $4.2 billion in equity to investment firms Knighthead Capital Management and Certares Opportunities LLC, which would together take control of the newly reorganized car rental company.

Under the proposed plan, Knighthead and Certares will invest $2.283 billion into the reorganized entity and would have the opportunity to pump another $1.97 billion more through a rights offering that will be offered to holders of unsecured funded debt claims.

The two investment firms, which recently partnered in joint travel and leisure investment vehicle CK Opportunities Fund, are...

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