Knighthead Capital Management and Certares Management valued Hertz Global at $6.2bn, raising their bid to fund the US car rental firm’s exit from bankruptcy. The investment firms Knighthead and Certares have offered to take control of Hertz, with existing shareholders Apollo Global Management Inc. backing the proposal and agreeing to supply up to $2.5bn in preferred equity financing. Knighthead and Certares had confirmed to buy a majority stake in Hertz for $4.2bn to aid its bankruptcy exit last month. However, Centerbridge Partners, Warburg Pincus and Dundon Capital Partners outbid their offer, supported by holders of over 85% of Hertz’s unsecured notes. Hertz, Knighthead and Certares have not released any comments or statements.

Hertz´s USD bonds inched up with its 7.125% 2026s up 1.25 to 101.75.

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