A Hertz car rental office can be seen the day after Hertz’s bankruptcy filing was announced, as the company’s revenues suddenly plummeted, reflecting a dramatic drop in travel during the Covid-19 pandemic in Kissimmee, Fla., On Saturday, May 23. May, was due. 2020.

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Shares in car rental company Hertz Global rose more than 50% on Wednesday after selecting a $ 6 billion turnaround offer that offers shareholders a rare payout for a company in Chapter 11 bankruptcy.

The investment firms Knighthead Capital Management and Certares Management have, among other things, been awarded the contract to take over Hertz as part of the bankruptcy reorganization, which the company is expected to end at the end of June.

The Wall Street Journal, which first covered the auction results, said the winning offer will pay current shareholders nearly $ 8 per share, an unusual payout for any type of corporate bankruptcy. Part of that would be paid for in cash with warrants and reorganized equity, which is also part of the value.

Apollo Global Management and a group of existing shareholders will join Knighthead and Cetares to take control of Hertz, which filed for bankruptcy last May.

Pursuant to the proposal, which must be approved by the U.S. bankruptcy court, Hertz’s Chapter 11 plan will be boosted by direct equity investments from investors and other companies totaling $ 2.78 billion, the issuance of new preferred shares totaling $ 1.78 US $ 5 billion in Apollo and fully retained rights funded offer to existing shareholders of the company to purchase approximately US $ 1.64 billion in additional common shares.

Hertz’s shares rose as much as 68% before pulling back during the day. The stock was trading at $ 5.78 per share at 2:30 p.m. on Wednesday, up roughly 58%. The market capitalization is nearly $ 900 million.

The rental car company was among the largest to apply for Chapter 11 during the coronavirus pandemic after demand subsided during lockdowns due to Covid-19 last spring. More than a year later, demand for rental cars outpaces supply as the country reopens and some Americans continue to rent vehicles over the air.