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5 JULY 2021


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Article from BTNews 5 JULY 2021

Hertz Chapter 11 ends

After filing for the US Chapter 11 in May 2020 Hertz Global Holdings, Inc has returned to normal business.  What has been termed a “standstill” arrangement has not affected international business, which itself has been in an effective hibernation.

See BTN 25 May 2020 Hertz files for Chapter 11

Hertz has successfully completed its Chapter 11 restructuring process and says it has emerged as a financially and operationally stronger company that is well-positioned for the future.

With over $5.9bn of new equity capital being provided by Hertz’s new investor group, led by Knighthead Capital Management LLC, Certares Opportunities LLC and certain funds managed by affiliates of Apollo Capital Management LP, Hertz has reduced its corporate debt by nearly 80% and significantly enhanced its liquidity to fund operations and future growth. Specifically, Hertz has eliminated nearly $5bn of debt, including all of Hertz Europe’s corporate debt. In addition, Hertz has emerged with a new $2.8bn exit credit facility (including an undrawn $1.3bn revolving credit facility) and a $7bn asset-backed vehicle financing facility, each having terms the company views as extremely favourable. The aggregate interest rate on the company’s new ABS financing is less than 2%.

Henry Keizer, Chairman of Hertz’s outgoing Board of Directors, said: “Faced with the epic and unprecedented challenges presented by the Covid-19 pandemic, and unfazed by early leadership changes, we stayed focused on stabilizing the business and seizing opportunities to mitigate losses and create value for our stakeholders. When the economy began to show signs of recovery earlier this year, we were perfectly positioned to drive a competitive process that would maximize recoveries. The result – paying our nearly $19bn of creditors in full and returning substantial value to our shareholders – is remarkable.”


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