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Hertz Global Holdings, Inc. (OTCPK:HTZGQ) announced the formation of its new Board of Directors following its successful emergence from Chapter 11 bankruptcy. The initial Board will consist of eight members, including Certares founder Michael O'Hara as Chairperson and Knighthead Capital co-founder Thomas Wagner as Vice Chairperson. CEO Paul Stone expressed optimism about the new leadership's extensive experience in finance and operations, which is expected to guide Hertz in its recovery and growth within the travel industry.
Hertz Global Holdings, Inc. (OTCPK:HTZGQ) has successfully completed its Chapter 11 restructuring, emerging as a financially stronger entity. The Bankruptcy Court confirmed its Plan of Reorganization on June 10, 2021. Following this process, Hertz reduced its corporate debt by nearly 80%, eliminating $5 billion of debt and securing $5.9 billion in new equity capital. Effective July 1, the company's stock will trade under new symbols: HTZZ for common stock and HTZZW for warrants. Hertz aims to capitalize on recovery in travel demand and has executed operational improvements to enhance profitability.
Hertz Global Holdings (OTCPK:HTZGQ) announced on June 10, 2021, that the Bankruptcy Court confirmed its Plan of Reorganization, which received over 97% approval from shareholders. This Plan allows Hertz to emerge from Chapter 11 by the end of June 2021, strengthening its balance sheet significantly. It will eliminate over $5 billion in debt and provide over $2.2 billion in global liquidity. Additionally, Hertz will have a new $2.8 billion exit credit facility and a $7 billion asset-backed vehicle financing facility, facilitating a strong recovery and future growth opportunities.
Hertz Global Holdings (OTCPK:HTZGQ) announced a revised proposal from the KHCA Group to fund its Chapter 11 exit. The plan includes $2.781 billion in common stock investments and $1.5 billion in new preferred stock, with an additional $1.635 billion rights offering for existing shareholders. The proposal eliminates approximately $5 billion in corporate debt and provides over $2.2 billion in liquidity. The Bankruptcy Court will review the proposal on May 14, 2021, with a hearing to confirm the plan scheduled for June 10, 2021.
Hertz Global Holdings (OTCPK:HTZGQ) reported Q1 2021 results with revenue of $1.3 billion and net income of $190 million. Adjusted Corporate EBITDA was $2 million. The company noted a rebound in leisure travel, driving demand beyond 2019 levels. Fleet replenishment efforts are ongoing despite semiconductor shortages. Hertz sold its Donlen fleet management business for $891 million, aiding in its bankruptcy recovery. Liquidity stood at $1.1 billion, with plans to emerge from bankruptcy in June, aiming for a stronger operational foundation.
Hertz Global Holdings (OTCPK:HTZGQ) announced a revised proposal from the KHC Group, which is deemed superior for funding Hertz's exit from Chapter 11. This follows the existing agreement with Current Plan Sponsors. The Company will comply with the Bankruptcy Court's April 28, 2021 order, which includes procedures for evaluating alternative proposals. If the Current Plan Sponsors counter by May 7, 2021, an auction will take place on May 10, 2021. Legal and financial advisors are in place for this process.
Hertz Global Holdings (OTCPK:HTZGQ) announced a revised proposal from Knighthead Capital Management, Certares Opportunities, and Apollo Capital Management to fund its exit from Chapter 11 bankruptcy. The proposal includes $2.9 billion in common stock, $1.5 billion in preferred stock, and a $1.36 billion rights offering. This plan aims to pay off all secured and unsecured debt, offering common stockholders $0.50 per share plus 10-year warrants or shares subscription options. Approval from the Bankruptcy Court is required, and the Board is yet to decide on the proposal.
On April 3, 2021, Hertz Global Holdings (OTCPK:HTZGQ) announced a deal with Centerbridge Partners, Warburg Pincus, and Dundon Capital to fund its exit from Chapter 11 bankruptcy, targeting completion in June 2021. The proposal is backed by over 85% of unsecured noteholders, aiming to eliminate $5 billion in debt and provide $2 billion in liquidity. Under the plan, holders of unsecured debt will receive 48.2% equity in the reorganized company, while existing equity will be canceled. Approval from the Bankruptcy Court is pending, with a hearing scheduled for April 16, 2021.
Hertz Global Holdings (OTCPK:HTZGQ) has filed essential court documents for its Chapter 11 case, moving towards an exit planned for June 2021. Ongoing negotiations focus on funding its proposed Plan of Reorganization, which includes a $4.2 billion equity infusion from Certares Opportunities LLC and Knighthead Capital Management. The Plan aims to reduce corporate debt to $1.3 billion and secure over $2 billion in liquidity. Hertz expects to emerge as a publicly traded company, with significant creditor support and plans to finalize sponsorship proposals shortly.
Hertz Global Holdings announced the sale of its subsidiary, Donlen Corporation, to Athene Holding Ltd for $891 million. This strategic move aims to enhance Donlen’s growth and operational capabilities under Athene’s long-term investment. With over $200 billion in assets, Athene is positioned to support Donlen's expansion in fleet management services. Hertz's CEO emphasized this sale as a significant step in the company's financial restructuring, indicating progress in its operational initiatives.
