Growing investment interest in travel businesses has Hertz – among the first major corporations to be felled by the pandemic last year –considering a plan to emerge from bankruptcy protection by selling a controlling stake in the car rental giant.

Hertz Global Holdings Inc. says that it may sell a stake in the reorganized company to two investment firms – Knighthead Capital Management and Certares Opportunities – for US$4.2 billion, but only on the condition that they take a majority of shares.

Estero, Florida-based Hertz said the proposed investment, combined with a new $1 billion first-lien financing, a new $1.5 billion revolving credit facility, and a new asset-backed securitization facility to finance its US vehicle fleet, will provide the funding needed for the company to complete its restructuring and emerge from Chapter 11 bankruptcy protection in early to mid summer.

The proposed plan still needs court approval with a hearing is set for April 16.

Hertz filed for bankruptcy protection in May 2020. Sales growth went into negative territory almost immediately, but the 100-year-old company was already experiencing some turmoil. When it entered bankruptcy protection, Hertz named its fourth chief executive in six years.

However, with the rollout of a suite of vaccines for the coronavirus, pent up wanderlust is expected to explode. Investors are pouring money into almost any company that caters to travellers.

Share of major airlines are up between 20 and 40 percent this year. Cruise lines, hotels, and resorts are getting similar interest.

In this atmosphere, Certares and Knighthead recently formed the CK Opportunities Fund, which concentrates on investments in travel and leisure.