Hertz Board Reviews New Reorganization Plan for Bankruptcy Exit

Hertz Global Holdings Inc. said it received a revised reorganization proposal for its bankruptcy exit from Knighthead and Certaras which it will review.

• Hertz board hasn’t made a decision on the revised proposal and “will evaluate it in accordance with the procedures established by the Bankruptcy Court,” co. said in release Tuesday
• Revised proposal would fund Hertz’s reorganization through direct common stock investments around $2.9 billion, direct preferred stock investments of $1.5 billion and a rights offering to raise $1.36 billion, according to statement
• Shares of Hertz are down as much as 13% in early trading

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