UPDATE: Knighthead, Certares Seen as Winners of Hertz Bankruptcy Auction

Investment firms Knighthead Capital and Certares Management appear to have won an auction to fund U.S. car rental firm Hertz Global’s exit from bankruptcy, according to a Bloomberg News reporter on Wednesday.

The firms along with private equity company Apollo Global Management have been in a bidding war with Centerbridge Partners, Warburg Pincus and Dundon Capital Partners, to provide equity capital for Hertz’s exit from bankruptcy exit.

Hertz was not immediately available for comment.

Earlier this month Hertz said Knighthead, Certares and Apollo’s offer to fund a deal through direct common stock investments of $2.9bn, direct preferred stock investments of $1.5bn and a rights offering to raise $1.36bn, was a ‘superior proposal’.

Source: Reuters