Skift Take
Despite the inroads ridesharing companies, such as Uber and Lyft, have made against the car rental giants, Hertz's re-emergence from bankruptcy is now triggering a bidding war. Ridesharing and car rentals often have different use cases, but it's never too late for legacy players to mimic, partner, and otherwise adapt.
Certares, the private equity firm and travel industry powerhouse with controlling interests in American Express Global Business Travel and Travel Leaders Group, was poised to co-lead Hertz's reorganization and bankruptcy exit, but that prospect is getting messier with the emergence of a competing bid.
Hertz, which is still on pace to exit Chapter 11 bankruptcy in June, announced earlier this week that Centerbridge Partners, Warburg Pincus, and Dundon Capital Partners offered an alternative plan to the Certrares-Knighthead Capital Management reorganization plan filed March 1.
A Certares representative declined to comment on the Centerbridge reorganization filing.
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