Wall Street Bets was right: Hertz’s bankruptcy auction will actually give shareholders a handsome payout – even after Wall Street decided the stock was worthless

On May 12, 2021, Hertz announced it had accepted a $6 billion bid from a group of investors – Knighthead Capital Management, Certares Opportunities, and Apollo Capital Management – to exit bankruptcy.

Andrew Glenn, who organized the winning bid on behalf of the Ad Hoc Equity Committee, spoke with Business Insider about the unprecedented payout, noting that, “Just six weeks ago, shareholders were going to get nothing, and now they’re getting upwards of $8 a share. That doesn’t happen every day in bankruptcy. In fact, I’ve never seen it happen.”

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The Glenn Agre team representing the ad hoc committee of shareholders of Hertz Global, Inc. includes Andrew Glenn, Shai Schmidt, Trevor Welch, Rich Ramirez, and Naznen Rahman.