3/2, 4:20 PM (Source: TeleTrader)
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Hertz to receive $4.2B in aid to exit bankruptcy

Hertz Global Holdings announced on Tuesday that the company will receive a $4.2 billion rescue investment from Knighthead Capital Management and Certares Management firms in order to help Hertz manage its way out of the bankruptcy process.

The two investment companies have set up a fund to aid specifically travel industry bodies that were negatively affected by the COVID-19 pandemic. The proposed investment plan is yet to be approved by a bankruptcy court, for which the hearing has been scheduled for April 16.

"We've been making excellent progress on our financial and operational initiatives and repositioning our business as we prepare for increased travel demand as the pandemic subsides. Based on actions we've taken during the restructuring process, we believe Hertz will be well-positioned to resume growth and secure the long-term success of our iconic brand," Hertz's president Paul Stone said.

Breaking the News / LH