Hertz Jumps to Highest Since June After Bankruptcy Exit Plan (1)

(Updates share move, adds details of bankruptcy plan.)

Hertz Global jumped as much as 41% Wednesday to the highest since June after the car-rental company selected a buyer to take it out of bankruptcy.

• Hertz chose a bid from Knighthead Capital Management and Certares Management
  • Bankruptcy plan gives existing shares around $8 recovery
  • Plan includes $240 million cash plus warrants for equity
• The stock has gained more than 230% year-to-date

To contact the reporter on this story:
Kristine Owram in New York at kowram@bloomberg.net

To contact the editors responsible for this story:
Vivianne Rodrigues at vrodrigues3@bloomberg.net

Michael B. Marois ...