Hertz Says New Ch. 11 Sponsor Bid Tops Centerbridge Deal

Law360 (May 5, 2021, 4:59 PM EDT) -- Bankrupt car rental giant Hertz Global announced Wednesday that a competing bid from a prospective sponsor for its Chapter 11 plan beat the existing deal the company has with a group of sponsors led by Centerbridge Partners, triggering a potential auction if Centerbridge decides to counter the offer.

In a statement, Hertz said it designated a plan sponsorship bid from a group led by Certares Opportunities LLC and Knighthead Capital Management LLC as an offer that is superior to the existing bid from Centerbridge that underpins the debtor's currently filed Chapter 11 plan.

The Certares/Knighthead group had a May 2 deadline...

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