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ARTICLE · 19 MAY 2021

What We're Reading This Week [May 17, 2021]

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The Wall Street Journal reports on the winning bid in the 36-hour auction for control of Hertz in anticipation of its emergence from bankruptcy later this summer.

United StatesInsolvency/Bankruptcy/Re-Structuring
Lisa A. Holl Chang
Lisa A. Holl Chang
Sean Scott
Sean Scott
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The Wall Street Journal reports on the winning bid in the 36-hour auction for control of Hertz in anticipation of its emergence from bankruptcy later this summer.  The winning bidders, a group of co-investors led by Knighthead Capital Management and Certares Management, will buy the bulk of Hertz's equity upon emergence for $2.8 billion.  Assuming Hertz's reorganization plan is confirmed next month as expected, that plan will return more than $7 per share in value to shareholders, a rare result in corporate chapter 11 bankruptcy cases. The winning bid was approved last Friday (May 14, 2021). [WSJ; May 12, 2021] [WSJ; May 14, 2021]

The fallout from Winter Storm Uri in Texas continues, with Bloomberg reporting that Goldman Sachs is having difficulty collecting on a $400 million natural gas trade with a state-owned Mexican power utility. Given that the investment bank has been expanding in the Mexican market and that the costs of the trade might ultimately be passed

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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