Hertz Global Holdings Inc. asked a judge to set rules for an auction to decide whether Knighthead Capital Management and Certares Management can displace the company’s current reorganization sponsor, a group backed by Centerbridge Partners, Bloomberg reported. The car rental company gave the Knighhead coalition until May 2 to submit their best offer to buy the company out of bankruptcy, according to a court filing Monday. Should that proposal meet all Hertz’s qualifications, the company would hold an auction on May 10. The battle over ownership of Hertz has been heating up amid surging demand for travel in the U.S. The company earlier this month picked a plan from Centerbridge Partners, Warburg Pincus and Dundon Capital Partners that outbid an earlier Knighthead deal. Both groups have since revised their plans. Hertz has said it’s seeking to exit bankruptcy by the end of June.
