Corporate

Hertz's Chapter 11 restructuring plan has been confirmed by a bankruptcy court, paving the way for a $1 billion shareholder payout

23 hours ago   |   By Business Insider

A passerby walks past a closed Hertz car rental shop on May 23, 2020 in Paris.
Edward Berthelot/Getty Images
Hertz said Thursday its restructuring plan has been confirmed by court and it is set to exit bankruptcy on June 30.
The exit paves the way for creditors to be paid in full and existing shareholders to receive more than $1 billion of value.
Typically, in a corporate bankruptcy case like Hertz's, equity shareholders would receive nothing.
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