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As Lordstown Motors officially files for bankruptcy, the company also filed a complaint against Foxconn.
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What does the future hold for the ridesharing and delivery services marketplace post-bankruptcy?
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HyreCar has entered into an agreement with Holmes Motors Inc. to provide $5 million in debtor-in-possession financing.
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Hertz is in the process of paying out $19 billion to its creditors while reducing corporate debt by nearly 80%. Stock shares will continue to be publicly traded on the over-the-counter market.
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Creditors to be paid in full and existing shareholders to receive more than $1 billion of value. Company on target for June 30 exit from Chapter 11.
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Knighthead, Certares emerge as winners. Distribution of $8 a share “truly historic.” Stock soars 33%.
Read More →In a potentially rare outcome in a corporate bankruptcy, the revised plan if accepted will amount to a recovery of 60 to 70 cents a share for stockholders.
Read More →The new bid values Hertz at $6.2 billion and would pay unsecured bondholders in full.
Read More →Hertz chose the renegotiated proposal over a competing one from Certares and Knighthead Capital. The plan keeps Hertz on track to exit Chapter 11 in June.
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The buyers, Knighthead Capital Management and Certares Management, would take at least a majority share and as much as 100% of the company. The proposed plan would pay in full all of Hertz's existing first- and second-lien debt and provide a 70% cash recovery to general unsecured creditors.
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