Hertz Gets Revised Reorganization Proposal For Chapter 11 Exit

(RTTNews) - Hertz Global Holdings Inc. (HTZGQ) confirmed Tuesday that it has received a revised proposal from affiliates of Knighthead Capital Management LLC, Certares Opportunities LLC, and Apollo Capital Management, LP to provide equity capital required to fund Hertz's exit from Chapter 11.

The revised proposal contemplates funding Hertz's Plan of Reorganization through direct common stock investments aggregating $2.9 billion, direct preferred stock investments aggregating $1.5 billion and a rights offering to raise $1.36 billion.

Hertz said its board has not yet made any determination regarding the revised proposal and will evaluate it in accordance with the procedures established by the Bankruptcy Court.