Hertz Deems Knighthead Bid Superior in Exit From Bankruptcy
- Reorganization sponsor Centerbridge can counter with new offer
- Car renter is seeking to leave Chapter 11 protection by summer
This article is for subscribers only.
Hertz Global Holdings Inc. said a proposal from Knighthead Capital Management and Certares Management to buy the car renter out of bankruptcy was superior to an existing offer from a rival investor group.
The decision further escalates the brawl to own Hertz as travel rebounds and means the company’s current reorganization sponsor, a group led by Centerbridge Partners, would need to counter with an updated plan of their own to stay in the running to acquire the car renter.