Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Hertz Global Holdings Inc. > News item |
Hertz secures exclusivity extension to ‘maintain stability’ of cases
By Sarah Lizee
Olympia, Wash., April 14 – Hertz Global Holdings, Inc. secured an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
Specifically, the court extended the plan filing period through July 30 and the solicitation period through Sept. 30.
“Having traveled 10 months of rocky road, the debtors are now at a critical juncture,” the company said in its motion.
“A value maximizing transaction that was truly unimaginable on the petition date – or even at the beginning of this year – is at hand.”
The company had said that the sponsorship deal at the center of its original plan was not yet complete, and Hertz continued to receive other sponsorship proposals. Ultimately, Hertz selected an enhanced proposal from Centerbridge Partners, LP, Warburg Pincus LLC and Dundon Capital Partners, LLC to provide the equity capital required to fund its exit from Chapter 11.
Hertz is an Estero, Fla.-based car rental company. It filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on May 22, 2020. The case number is 20-11218.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.