“It sets them up very well,” said Hamzah Mazari, an analyst at Jefferies, an investment bank. The company also lined up access to nearly $10 billion in loans, credit lines and other debt. The resolution of its bankruptcy allows Hertz to shed more than $5 billion in debt, including all of the corporate debt of Hertz Europe. The winning group of investors, led by Knighthead Capital Management and Certares Management, provided the company with $5.9 billion in capital. But a quick economic and travel rebound in recent months set off a bidding war to revive the company, which is more than a hundred years old. It is a remarkable turnaround for a business that was bloated with debt and struggling to survive just 13 months ago. Its return coincides with and was made possible in part by a red-hot market for rental cars. Hertz, an early victim of the pandemic, officially emerged from bankruptcy on Wednesday.
0 kommentar(er)
