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Hertz eyes bankruptcy exit through $4.2 billion stake sale

FILE - In this May 6, 2020, file photo, a Hertz car rental is closed during the coronavirus pandemic in Paramus, N.J. (AP Photo/Ted Shaffrey, File)

By MICHELLE CHAPMAN AP Business Writer
In a deal to jettison itself from under bankruptcy protection, Hertz says it may sell a controlling stake in the rental car company to two investment firms for $4.2 billion. Hertz was among the first major corporations to be felled by the pandemic last year as infections surged and shut down travel on a global scale. The Florida company filed for bankruptcy protection in May 2020. Under the agreement announced Tuesday, Knighthead Capital Management and Certares Opportunities will have the chance to buy the entire company, but no less than a majority of its shares.

 

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