Hertz Eyes Bankruptcy Exit Through $4.2 Billion Stake Sale

Hertz Eyes Bankruptcy Exit Through $4.2 Billion Stake Sale
A Hertz car rental agency stands in Manhattan, N.Y., on June 30, 2016. Spencer Platt/Getty Images
The Associated Press
Updated:

In a deal to jettison itself from under bankruptcy protection, Hertz said Tuesday that it may sell a controlling stake in the company to two investment firms for $4.2 billion.

Knighthead Capital Management and Certares Opportunities will have the chance to buy the entire reorganized car rental company, but no less than a majority of its shares, Hertz Global Holdings Inc. said.