JPM - JPMorgan refused to boost Hertz bid costing it and co-investors billions - NYP

JPMorgan Chase's (NYSE:JPM) refusal to raise its bid for Hertz Global (OTCPK:HTZZ) in a bankruptcy auction in May means the investor group JPM was a part of lost out on the car rental company's revival, the New York Post reports, citing a person with direct knowledge of the matter. Instead, a team made up of Knighthead Capital, Certares Opportunities, and Apollo Capital Management won the May 12 auction after JPMorgan refused to boost its bid. JPMorgan (JPM), which owned most of Hertz's debt, had teamed up with other Hertz creditors to bid in the auction. After losing the bid, the JPMorgan-led group sold most of their Hertz (OTCPK:HTZZ) shares. Since then, the car rental company's value surged after announcing that it's buying 100,000 Tesla's. The Knighthead group paid $7.5B in cash, which included paying Hertz (OTCPK:HTZZ) creditors in full.  Hertz now has an enterprise value (debt plus equity) of ~$23B.

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JPMorgan refused to boost Hertz bid, costing it and co-investors billions - NYP