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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%.
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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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