Knighthead, Certares sweeten bid to fund Hertz’s chapter exit: WSJ By Reuters
© Reuters. The desk of automotive rental firm Hertz is seen at Good Worldwide airport
(Reuters) – Funding corporations Knighthead Capital Administration and Certares Administration sweetened their bid to fund Hertz World’s exit from chapter, valuing the U.S. automotive rental agency at $6.2 billion, the Wall Road Journal reported on Friday.
Knighthead and Certares have proposed taking management of Hertz with backing from some current shareholders of the rental agency and private-equity firm Apollo World Administration (NYSE:) Inc, which has agreed to produce as much as $2.5 billion in most well-liked fairness financing, the report mentioned https://www.wsj.com/articles/hertz-bankruptcy-bidding-war-heats-up-with-new-counteroffer-11618573271?mod=latest_headlines, citing individuals accustomed to the matter.
Final month, Knighthead and Certares agreed to purchase a majority stake in Hertz for $4.2 billion to assist it trip out of chapter by early- to mid-summer.
However their provide was eclipsed by a rival bid earlier this month by personal funding corporations Centerbridge Companions, Warburg Pincus and Dundon Capital Companions.
The proposal, backed by Centerbridge Companions, Warburg Pincus and Dundon Capital Companions, was supported by holders of greater than 85% of Hertz’s unsecured notes.
Hertz, Knighthead and Certares weren’t instantly accessible for remark.
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