Hertz Global Holdings Inc. said it’s seeing a boost in travel demand despite reporting a 33% drop in revenue in the three months through March 31, Bloomberg News reported. The company reiterated that it’s on track to emerge from bankruptcy in June. It’s weighing plans from two sets of suiters to take the company out of chapter 11. As the nation emerges from COVID-19 restrictions, travel demand has come back and more consumers are seeking car rentals. Hertz is in talks with potential bankruptcy plan sponsors and said in a regulatory filing Friday that a group including Centerbridge Partners, Warburg Pincus and Dundon Capital Partners intends to counter a proposal from Knighthead Capital Management and Certares Management that the car renter had deemed superior. An auction to determine the highest bidder between the dueling groups is scheduled for May 10, with a hearing to approve the final result set for May 14.
