Hertz to spring back from bankruptcy with $4.2B investment
After COVID-19 ended travel plans both for business and for vacation travelers, Hertz filed for Chapter 11 bankruptcy last May. Now, Hertz is poised to ride a wave of increased travel as the COVID-19 pandemic fades in the rearview: Reuters reports that two investment firms will step up with an influx of cash. Knighthead Capital Management LLC and Certares Opportunities LLC are planning to buy up to 100 percent of the company’s shares for $4.2 billion.
Hertz will propose its plan for restructuring in a U.S. bankruptcy court in Delaware on April 16. As we mentioned when we learned about the bankruptcy news last year, the history of Hertz and its GT350H models has already cemented the company’s place in performance car history, so its bankruptcy won’t tarnish the image of those early rent-a-racers.
We’re not Delaware bankruptcy court judges, but it couldn’t hurt if that restructuring plan included a small fleet of limited-edition performance cars, right?