The Firm was recognized for its work on the chapter 11 restructuring of Hertz Global Holdings, Inc.
Willkie was recognized for its role in the chapter 11 restructuring of Hertz Global Holdings, Inc., which was named “Restructuring Deal of the Year” at the IFLR Americas Awards 2022.
The Firm served as counsel to an ad hoc group of noteholders that held more than $1.6 billion of Hertz’s senior unsecured notes. The group was actively involved in negotiating debtor-in-possession financing, asset sales and a plan of reorganization that achieved a global resolution that maximized value for all stakeholders.
Hertz, which operates the Hertz, Dollar and Thrifty vehicle rental brands, filed for chapter 11 protection in May 2020 and emerged in June 2021, having eliminated approximately $5 billion of debt and raised $5.9 billion of new equity capital.
The Willkie team was led by partners Rachel C. Strickland, Daniel Forman and Mark T. Stancil.