Hertz Global Holdings’ once virtually worthless shares have soared after the company selected Knighthead Capital Management, Certares Management, and Apollo Capital Management to buy it out of Chapter 11 bankruptcy protection.
The deal will slash about $5 billion of corporate debt, including all corporate debt of Hertz’s European business. Hertz said it plans to exit Chapter 11 by the end of June.
The deal would give the new Hertz business an enterprise value of about $7.4 billion.
