Walkers Ireland LLP advises Hertz on successful financial restructuring

Walkers Ireland LLP is delighted to have acted as Irish legal and tax counsel to Hertz Global Holdings Inc, the world's largest rental car company, in relation to its successful restructuring of $19 billion of debt and return of $1 billion of value to shareholders. Walkers acted alongside White & Case, who provided US and European counsel to Hertz.

Following the successful completion of a Chapter 11 restructuring in the US last month, Hertz has emerged as a financially and operationally stronger company that is well-positioned for the future.

Under the Hertz reorganization plan, new investors provided c. US$5.9 billion of new equity capital and the company raised US$2.8 billion of new corporate financing on favourable terms including an undrawn US$1.25 billion revolver and successfully placed US$7 billion of new ABS financing with an all-in yield of less than 2 percent. The complex transaction results in a materially strengthened business with the global liquidity needed to fuel its future growth, while reducing corporate debt by c. US$5 billion. All creditors are being paid in full, in cash, and shareholders are receiving a mix of cash, stock and warrants.

As described by Judge Mary Walrath in the Bankruptcy Court of Delaware, the outcome is a "fantastic result" that "surpasses any result that I've seen in any Chapter 11 case that I've faced in my 20-plus years."

The Walkers Ireland multi-disciplinary team was led by Partners William Greensmyth (Restructuring), Jonathan Sheehan (Tax), Andrew Traynor (Finance and Capital Markets) and Brendan O'Brien (Corporate).

Walkers is recognised as having a market-leading restructuring, insolvency and corporate recovery team amongst Ireland's international financial services law firms.


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