Hertz Gets OK For Ch. 11 Plan Providing $1B To Stockholders

Law360 (June 10, 2021, 4:40 PM EDT) -- Car rental giant Hertz Global on Thursday gained approval for a Chapter 11 plan of reorganization returning $1 billion of value to shareholders, which a Delaware bankruptcy judge called "a remarkable result" about a year after the company had been staring down the edge of a liquidation cliff.

During a virtual confirmation hearing, debtor attorney Thomas Lauria of White & Case LLP said that when Hertz entered bankruptcy in May 2020 it was facing serious challenges that threatened the future of the company.

"Just over one year ago, Hertz entered Chapter 11 struggling under numerous daunting burdens brought on by the...

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