Car rental company Hertz Global Holdings Inc. said today that it had filed a proposed plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware, Reuters reported. Under the plan, Knighthead Capital Management LLC and Certares Opportunities LLC will invest about $4.2 billion to buy up to 100% of common stock of reorganized Hertz.
Satellite operator Intelsat SA said on Friday it has filed a restructuring plan backed by some of its creditors, in a bid to reduce debt and emerge from bankruptcy in the second half of the year, Reuters reported. The plan aims to reduce debt by more than half to $7 billion and has the support of holders of about $3.8 billion of its debt, the company said. It has sought a hearing on Mar. 17 for a court approval to solicit votes on the plan. The company filed for chapter 11 protection in May last year, hit by the COVID-19 pandemic that inflicted widespread financial pain across sectors, including retail and aviation. Intelsat is one of the companies that will participate in the accelerated clearing of C-band spectrum under the Federal Communications Commission order to support a build-out of 5G wireless infrastructure in the United States.
