Knighthead Capital Management, an investment advisory firm, and Certares, an investment management company, agreed to acquire Hertz Global Holdings, a car rental company, for $4.2bn. This proposed investment, if consummated, will provide the basis for the proposed plan and the funding needed for Hertz to complete its financial restructuring and emerge from Chapter 11 in early to mid summer. Additional investors include Centerbridge Partners, Warburg Pincus, and Dundon Capital Partners. "We are excited to reach this important milestone in our restructuring process. Our plan of reorganization provides us a clear path forward to completing our financial restructuring and emerging from Chapter 11 by early to mid summer. The support of the plan sponsors demonstrates their confidence in Hertz's growth potential; moreover, they bring valuable experience in the travel and leisure industry," Paul Stone, Hertz President and CEO. On April 16, 2021; Knighthead, Certares sweeten bid to fund Hertz's bankruptcy exit at $6.2bn valuation.