HERTZ PROGRESSES TOWARD CHAPTER 11 EXIT IN SECOND QUARTER OF 2021
Estero-based Hertz Global Holdings Inc. announced Tuesday that it has made all of the required court filings in its Chapter 11 case needed to continue the process the company initiated at the beginning of March 2021 to exit Chapter 11 in June 2021. The filings also report on the status of ongoing negotiations regarding funding the company’s proposed reorganization plan. Initially filed March 1, the plan proposed a $4.2 billion equity infusion from affiliates of Certares Opportunities LLC and Knighthead Capital Management LLC to fund the payment in cash in full of all senior claims and a 70-cent payout to the company’s unsecured creditors. Prior to filing its initial plan, Hertz had received interest from a number of parties to provide the equity capital needed to fund its Chapter 11 exit, including a proposal from Centerbridge Partners L.P., Warburg Pincus LLC, and Dundon Capital Partners. Based on its assessment of the proposals received and all of the information then available, Hertz believed that the plan chosen would support a value-maximizing conclusion to its Chapter 11 case, while also providing the best opportunity for an efficient and timely exit from Chapter 11. For the court documents or filings, click here.
HERTZ GLOBAL HOLDINGS COMPLETES SALE OF FLEET MANAGEMENT LEADER DONLEN CORP.
Estero-based Hertz Global Holdings Inc. announced Tuesday the successful completion of the sale of substantially all of the assets of its wholly-owned subsidiary, Donlen Corp. to Bermuda-based Athene Holding Ltd. Hertz received $891 million in cash proceeds per the terms of the transaction, subject to certain post-closing adjustments based on the level of assumed indebtedness, working capital and fleet equity. The sale is part of Hertz’s financial restructuring. Athene plans to invest in the Donlen platform to support the continued growth and strength of the business. As a leading insurance company with more than $200 billion of assets under management, Athene provides a stable and long-term capital base, which will allow Donlen to expand capabilities, grow the team, and continue the company’s customer service, Hertz reports.
Video courtesy of WINK News
COLLIER COUNTY MASK MANDATES SET TO EXPIRE IN TWO WEEKS
Neither Collier County nor the city of Naples plans to extend a mask mandate in response to the COVID-19 pandemic. Mask mandates adopted last year in both the city and county are set to expire on April 13. The Florida Department of Health reports that Collier County has had an average of 70 coronavirus cases per day in March, but area hospitals such as NCH Healthcare System are seeing fewer patients with COVID-19 and fewer deaths. “We think that the masking and the social distancing and, of course, all the vaccinations are helping, too,” NCH CEO Paul Hiltz says. Some local businesses still plan to require customers to wear masks until at least the summer, WINK News reports.
GOV. DESANTIS SAYS ‘VACCINE PASSPORTS’ ARE UNACCEPTABLE
Gov. Ron DeSantis says he will issue an executive order forbidding local governments and businesses from requiring so-called “vaccine passports” to show proof that customers have been inoculated against the coronavirus. The governor made the announcement on Monday during a ceremony to sign into law a bill approved by the Legislature last week that would bar COVID-related lawsuits against businesses that have made good-faith efforts to comply with guidelines meant to stop the spread of the virus, WINK News reports.
Video courtesy of WINK News
CAPE CORAL CITY COUNCIL DISCUSSING CODE ENFORCEMENT PROCESS
As Cape Coral grows, so does the number of code complaints. City Council members want to find new ways to get citizens to comply with city codes in order to make a positive change in the community. Cape Coral code enforcement officers deal daily with issues such as garbage piled up, cars parked on grass and mold collecting on properties. The city recently created a new self-certifying enforcement process where staff sends out letters for minor violations instead of code enforcement having to investigate every complaint. Council members also recently presented a variety of recommendations for code enforcement staff. The city plans to do more research and bring the issue back to the council for further discussion, WINK News reports.
Video courtesy of WINK News
FIRE SEASON FAST APPROACHING IN SOUTHWEST FLORIDA
Temperatures are rising and not much rain is falling, which means Southwest Florida’s fire season is just around the corner. “We see the natural wetlands drying down and it’s part of the cycle. Like warm and cold up north, it’s wet and dry down here,” says Win Everham, a professor of ecology and environmental science at Florida Gulf Coast University. Everham said fire season is just a part of living here but it’s important that it’s managed properly. He also advises that people out enjoying nature need to be careful not to start fires that easily could get out of control, WINK News reports.
ONE PLANT FLORIDA OPENS LOCATION IN BONITA SPRINGS
Bluma Wellness Inc.’s subsidiary company, One Plant Florida, opened a new retail dispensary and delivery hub location on March 17 at 28500 Bonita Crossing in Bonita Springs. The new location marks the company’s eighth location in Florida. One Plant’s Bonita Springs retail dispensary and delivery hub will serve qualified patients throughout the greater Naples area. One Plant is an emerging player in Florida’s cannabis market. One Plant was the first company in Florida to build and launch its own e-commerce platform. It was also Florida’s first next-day e-commerce home delivery service. In addition, it offers curbside pickup at all retail locations.
ITALIAN NATIVE OPENS CAFÉ AND MARKET IN EAST NAPLES
A native of southern Italy launched a restaurant and market earlier this month near the Collier County Courthouse in East Naples. Maria Vilella is the chef and owner of La Casa dell’Anima Italian Market & Cafè, which serves fresh, authentic Italian cuisine for lunch and dinner in a restaurant space that
CHAMBER RIBBON-CUTTING WELCOMES COCO Y CABANA TO COMMUNITY
The Sanibel & Captiva Islands Chamber of Commerce on March 24 celebrated the Nov. 18 opening of Coco y Cabana boutique at 2340 Periwinkle Way, Suite G2, on Sanibel Island, with an official ribbon-cutting. The shop and its complementary e-commerce site, focus on couture women’s fashions, but also carry men’s clothing and home accessories. The shop is the brainchild of fashion designer Paola Noguera, whose experience has included her own swimwear design business; a handbag and footwear design operation in Florence, Italy; designer for ALDO Canada; and manager of several stores. Noguera purchases 80% of her clothing from women-owned vendors, she said. The designer plans to debut an exclusive Coco y Cabana line inspired by islanders.
NEW MEMBERS JOIN NAPLES AIRPORT AUTHORITY NOISE COMPATIBILITY COMMITTEE
The Naples Airport Authority Board of Commissioners selected James Gilligan to represent the airport’s southwest quadrant, John Kuntz to represent active commercial and general aviation pilots, and Julie Schmelzle to represent the airport’s northeast quadrant on the Noise Compatibility Committee (NCC). The NCC is comprised of nine citizen volunteers who help monitor the impact of aircraft noise and make recommendations about noise-mitigation procedures for consideration by the Naples Airport Authority Board of Commissioners. The members serve as volunteer representatives of the Collier County Commission, Naples City Council, general aviation pilots and six geographic areas surrounding the airport. The Naples Airport Authority thanks Bruce Byerly, Russell Tuff and Ernest Linneman for their years of commitment and service to the NCC as their terms expire.
NAPLES SENIOR CENTER NAMES HIGGINS AS CHAIRMAN OF THE BOARD
Naples Senior Center has appointed Prentiss C. Higgins as board chair. A long-time Naples Senior Center supporter, Higgins spent nearly 40 years in the design, manufacture and marketing of analytical instruments. Prior to his retirement, Higgins was chairman and chief executive officer for PhytoChem Technologies Inc. and president of ESA Laboratories. Higgins began his career as a field sales engineer with Norton Company in Worcester, Massachusetts. Over the years, he served in a variety of executive roles with firms involved in research and development and quality control in the biomedical and industrial markets. Higgins earned his undergraduate degree from Harvard University. He spent seven years in the U.S. Coast Guard Reserve and then obtained his Masters of Business Administration from Amos Tuck School of Business Administration in Hanover, New Hampshire. Higgins serves as a trustee of the Marino Health Foundation, previously known as the Marino Center for Integrative Health in Wellesley, Massachusetts.
KEY JOINS CAPITAL WEALTH ADVISORS AS CHIEF COMPLIANCE OFFICER
Capital Wealth Advisors (CWA), headquartered in Naples, has appointed Kimberly Key to the position of chief compliance officer. She brings to the firm more than 15 years of experience in the financial services industry. Prior to joining CWA, Key served as chief compliance officer for Keel Point, an investment advisory firm with approximately $2.4 billion in assets under management. Key earned a Bachelor of Science degree in finance from the University of Alabama at Birmingham, a Juris Doctor degree from Birmingham School of Law, and is a graduate of the Wharton Executive Management Program at the Wharton School at the University of Pennsylvania.
Collier Building Industry Foundation 2021 scholarship application now available
The Collier Building Industry Foundation (CBIF) 2021 scholarship application is now available online. Applicants may also contact the Collier Building Industry Association (CBIA) office at 239-436-6100 to receive an application via email or U.S. mail. Completed applications are due to the CBIA by 5 p.m. on May 3 at 3200 Bailey Lane, Suite 110, Naples. Any graduating high school student or a student currently in college pursuing studies in construction or construction-related careers and residing in Collier County may apply. CBIF also provides a $1,000 grant to any education institution or not-for-profit organization providing experiential learning activities and hands-on activities in construction-related fields to students. To be considered for this grant or learn more about the criteria, click here to complete and submit the grant application. CBIF’s second annual clay shoot tournament, “Locked and Ready to Rock,” raised more than $20,000 to support student scholarships. The sold-out event was held on Feb. 19.
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