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June 11, 2021

Hertz on track to exit bankruptcy

BONITA SPRINGS, Fla. (AP) —Hertz will likely emerge from Chapter 11 bankruptcy protection by the end of the month after a bankruptcy court confirmed the reorganization plan for the beleaguered car rental company.

Hertz Global Holdings Inc., which filed for bankruptcy protection in May 2020, said Thursday that its plan will eraser more than $5 billion in debt and provide more than $2.2 billion in liquidity. Creditors will be paid in full and existing shareholders will receive more than $1 billion in value.

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