Hertz car rental firm chooses buyer to take it out of US bankruptcy with €5bn valuation

Hertz Holdings said a proposal from Knighthead Capital and Certares to buy the car renter out of bankruptcy in the US was superior to an existing offer from a rival investor group.

The decision further escalates the brawl to own Hertz as travel rebounds and means the company’s current reorganisation sponsor, a group led by Centerbridge Partners, would need to counter with an updated plan of their own to stay in the running to acquire the car renter.