Contrarian Funds, LLC Continues to Buy Claims in Hertz Corporation Bankruptcy
January 27, 2021, District of Delaware – Last week, many creditors transferred claims worth $350k to Contrarian Fund, LLC (“Contrarian”) in the Hertz Corporation bankruptcy. Contrarian is a distressed investing specialist involved with the portfolio management, research, sourcing, and trading of investments and distressed securities.
Specifically, LaFontaine Cadillac Buick GMC, Inc. sold its claims worth $80,531.24 and $70,530.17, LaFontaine Toyota Hyundai Kia sold claims worth $38,021.32 and $40,218.78 and, LaFontaine Chrysler Dodge Jeep Ram of Saline transferred claims amounting to $74,113.61 and $60,300.24 to Contrarian.
Contrarian purchased multiple claims in Hertz bankruptcy last year as well in October, November & December.
Hertz Global Holdings Inc., the car-rental company, filed for bankruptcy last year on May 22, 2020, after widespread travel restrictions and COVID-19 smashed demand for its vehicles. The Chapter 11 filing in Delaware allowed Hertz to keep operating while it devised a plan to pay creditors and turn around the business.
The main bankruptcy case is In re: The Hertz Corporation, 20-111218, U.S. Bankruptcy Court for the District of Delaware (Wilmington). Judge Mary Walrath is presiding over the Hertz’ bankruptcy cases.