Hertz Determines Revised Reorganization Proposal From Affiliates Of Knighthead, Certares And Apollo Constitutes A Superior Proposal

Hertz will comply with the procedures established by the Bankruptcy Court’s April 28, 2021 Order

Hertz Global Holdings, Inc. (OTCPK:HTZGQ) (“Hertz” or the “Company”) today announced that it has considered the revised proposal made by affiliates of Knighthead Capital Management LLC, Certares Opportunities LLC and Apollo Capital Management, LP (the “KHC Group”) to provide equity capital required to fund Hertz’s exit from Chapter 11. Hertz has determined that the revised proposal constitutes a superior proposal as contemplated by its agreement with its existing plan sponsors, affiliates of Centerbridge Capital Partners, L.P., Warburg Pincus LLC and Dundon Capital Partners, LLC (the “Current Plan Sponsors”), which agreement remains in effect. 

Hertz will comply with the procedures established by the Bankruptcy Court’s April 28, 2021 Order (I) Establishing Bidding and Auction Procedures Relating to the Submission of Alternative Plan Proposals, (II) Setting a Hearing for Approval of (A) The Successful Bidder and (B) Authorization of Supplemental Solicitation Materials and (III) Granting Related Relief governing Hertz’s evaluation of the alternatives. If the Current Plan Sponsors inform Hertz by May 7, 2021 that the Current Plan Sponsors intend to make a counteroffer to the proposal by the KHC Group, then the Company will proceed to an auction on May 10, 2021 in accordance with the process established by the Bankruptcy Court. 

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