Bankruptcy court OKs Hertz's Chapter 11 exit plan

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T0621HERTZLOCATION_C_HR [Credit: Hertz]
Among the features of the approved reorganization plan, Hertz will remove over $5 billion of debt and receive over $2.2 billion of global liquidity Photo Credit: Hertz

A U.S bankruptcy court has confirmed Hertz Global Holdings' plan to emerge from Chapter 11 bankruptcy, according to Hertz.

With the court's approval, Hertz will be on track to emerge from Chapter 11 by the end of June. 

Among the features of the approved reorganization plan, Hertz will remove over $5 billion of debt and receive over $2.2 billion of global liquidity.

"With the Court's approval of our plan today and a committed new investor group, we are poised to exit Chapter 11 by the end of this month as a well-capitalized and even more competitive company, with the flexibility and resources to pursue exciting new growth opportunities," Hertz president and CEO Paul Stone said in a statement. 

Hertz filed for bankruptcy in May 2020.

Source: Business Travel News

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