A bankruptcy court has confirmed Hertz’s reorganization plan, which helps clear the way for the car rental company to emerge from Chapter 11 bankruptcy protection by the end of the month
Hertz will likely emerge from Chapter 11 bankruptcy protection by the end of the month after a bankruptcy court confirmed the reorganization plan for the beleaguered car rental company.
Hertz Global Holdings Inc., which filed for bankruptcy protection in May 2020, said Thursday that its plan will erase more than $5 billion in debt and provide more than $2.2 billion in liquidity. Creditors will be paid in full and existing shareholders will receive more than $1 billion in value.
Hertz was among the first major corporations to be felled by the pandemic last year as infections surged and shut down travel on a global scale for both companies and vacationers.
It announced in March…
Source news reuters.com, click here to read the full news.