Hertz Global Holdings, a US car rental giant with a history of more than 100 years, announced on Wednesday that it has successfully emerged from bankruptcy protection after more than a year of restructuring.
The company said it had "become a stronger company financially and operationally and ready for the future."
Delaware bankruptcy judge Mary Wallas (Mary Walrath), who is in charge of the case, confirmed Hertz's restructuring plan on June 10th, paving the way for him to make a comeback.
In approving the plan, Mr Walras called the restructuring results "incredible" and "more than the outcome of any bankruptcy I have encountered in more than 20 years".
Hertz said that through more than $5.9 billion of new equity offered by a new investment consortium, the company's debt had been reduced by nearly 80 per cent and "significantly increased liquidity to fund operations and future growth".
The investment consortium is made up of Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.
Hertz said it had eliminated nearly $5 billion of debt, including all corporate debt in its European division, by injecting new capital.
In addition, Hertz said the company had received $2.8 billion in exit credit and $7 billion in asset-backed vehicle financing, calling the terms of those financing "extremely favourable."