Investing.com â ???? Hertz (OTC:
HTZGQ
) rose 56% on Wednesday as traders broke news that the company accepted a $ 6 billion bid from a group of investors to exit Chapter 11. With Knighthead Capital Management, Certares Opportunities and Apollo Capital Management affiliated funds and accounts are providing equity to fund Hertz’s revised restructuring plan and end the Chapter 11 proceedings.
The fate of the offer now depends on two court hearings, one on Jan. May and one on June 10.
The Knighthead Group’s proposal would eliminate approximately $ 5 billion of Hertz’s corporate debt, including eliminating all corporate debt from its European business.
In addition, the car rental company will be over Provide $ 2.2 billion in liquidity. Hertz will also need to seek a dilution of equity at a later date to fund the proposal.
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