Hertz Global Holdings Inc. floated a bankruptcy restructuring Tuesday that would hand control to investors led by Certares Management LLC and Knighthead Capital Management LLC for up to $4.2 billion in equity capital while resolving one of the largest debt defaults stemming from the Covid-19 pandemic.
Knighthead, Certares and other co-investors would pay at least $2.3 billion and as much as $4.2 billion under the restructuring proposal for a controlling equity stake in Hertz, which filed for bankruptcy in May.
The…
