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Hertz shares surge by more than 50% after selecting $6 billion turnaround bid

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A Hertz car rental office is seen the day after Hertz announced it was filing for bankruptcy due to a sudden decline in the company’s revenue caused by a dramatic decrease in travel during the Covid-19 pandemic in Kissimmee, Florida, on Saturday, May 23, 2020.

SOPA Images | Getty Images

Shares of car rental company Hertz Global on Wednesday skyrocketed by more than 50% after it selected a $6 billion turnaround bid that provides a rare payout to shareholders for a company in Chapter 11 bankruptcy.

Investment firms Knighthead Capital Management and Certares Management, among others, won the bid to take over Hertz in its bankruptcy reorganization, which the company hopes to exit by the end of…



Source cnbc.com

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