White & Case Deal Named Mega Company Turnaround/Transaction of the Year

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Nonprofit corporate renewal and restructuring service organization Turnaround Management Association (TMA) has named a transaction on which global law firm White & Case LLP advised—the restructuring of Hertz Global Holdings—its "Mega Company Turnaround/Transaction" of the year at its TMA Turnaround and Transaction of the Year Awards, announced on September 29. The awards will be presented at a conference in Boston in November.

In the winning transaction, White & Case advised Hertz Global Holdings Inc. on its successful financial restructuring after the rental car company filed for chapter 11 protection in May 2020 in response to the impact of the COVID-19 pandemic on its business. The company officially emerged from bankruptcy in June, 2021.

"This was a truly amazing restructuring transaction that resulted in an outcome no one could have predicted when Hertz commenced its chapter 11 case in May of 2020, with its business badly crippled by the pandemic and the resulting government shutdowns,” said Thomas Lauria (Miami, New York), Global Head of White & Case's Financial Restructuring and Insolvency Practice. “Just over a year later, it exited chapter 11 under a confirmed plan that paid all creditors in full, eliminated US$5 billion of debt from its balance sheet, provided it with over US$2 billion of fresh liquidity, refinanced about US$10 billion of debt at less than 2% interest and returned over US$1 billion of value to shareholders."

According to TMA, the Turnaround/Transaction of the Year Awards are chosen based on a rigorous peer-review process by the volunteer TMA Awards Committee. Judges review all components of each entry, looking for well-defined, measurable outcomes.