Hertz Judge Sets May 10 as Auction Date for Bankrupt Car Renter

Hertz Global Holdings Inc. won court approval to hold an auction May 10 if Knighthead Capital Management and Certares Management file a bid that is higher than the rental-car company’s current reorganization sponsor, a group backed by Centerbridge Partners.

• The car rental company gave the Knighthead coalition until May 2 to submit a higher offer to buy the company out of bankruptcy. Should that proposal meet all Hertz’s qualifications, the company would hold an auction on May 10
• The company is scheduled to return to court May 14 so the judge overseeing the reorganization can approve the results
• The ...