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  1. #11
    Retired !

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    Default Re: Hertz informational news

    Hertz is looking to get a bankruptcy loan.

    Hertz Seeks Bankruptcy Loan After Share Sale Falls Through
    Hertz Global Holdings Inc. is seeking debtor-in-possession financing for its Chapter 11 bankruptcy after its unusual attempt to raise money by selling potentially worthless shares fell through.
    The rental-car company said in a regulatory filing Monday it is looking for new sources of cash with the travel business in a deep slump and proceeds from the sale of its cars going to pay off creditors. Hertz raised just $29 million from selling its stock before questioning by Securities and Exchange Commission officials led the company to terminate plans to offer as much as $500 million of equity.
    Without an extension beyond Sept. 30, Hertz must start making payments on its European fleet, which is owned by investors who hold its asset-backed securities. Hertz already has reached an agreement allowing it to use much of its U.S. fleet with a commitment to pay securities holders $108 million a month from July until the end of the year.
    To do that, Hertz plans to shrink its U.S. fleet by at least another 182,000 vehicles after selling off 100,000 cars in June and July.
    https://finance.yahoo.com/news/hertz...225812504.html

  2. #12
    Retired !

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    Default Re: Hertz informational news

    Hertz attempts to raise money to purchase new vehicles.

    Hertz backs new $400M ABS Deal to restock vehicle fleet
    Hertz Global Holdings Inc. is backing a new effort to raise $400 million that would allow it to keep its rental car fleet stocked with new vehicles for a return to business once the coronavirus pandemic eases.
    The new securitization deal between Donlen Corp., which supplies Hertz with cars, and Barclays Bank PLC is separate from Hertz’s search for chapter 11 financing in the form of a $1.5 billion loan that will preserve the company until business returns to normal levels.
    Bankruptcy cut off access to new money through existing securitized vehicles, triggering provisions that protect investors in those deals. Since filing for bankruptcy, Hertz has been lending its own cash to Donlen to buy new cars, $173 million to date, straining Hertz’s liquidity.
    https://www.foxbusiness.com/markets/...-vehicle-fleet

  3. #13
    Retired !

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    Default Re: Hertz informational news

    Hertz has acquired the debtor-in-possession financing it needs to move forward in the bankruptcy.

    Hertz pulls in financing needed to reorganize
    The rental car company, which filed for Chapter 11 protection under the Federal Bankruptcy Code in May, announced Friday morning that it had secured $1.65 billion in DIP financing.
    “This new financing will provide additional financial flexibility as we continue to navigate the pandemic’s effects on the travel industry and take steps to best position our business for the future,” Hertz President and CEO Paul Stone said in a prepared statement. “We are pleased with the strong interest from our pre-petition first-lien lenders and appreciate their support of Hertz and our future opportunities as a rental car leader.”
    The amount secured is actually slightly more than the $1.5 billion that The Wall Street Journal reported in late August was being sought by the company.
    Investors immediately took notice. Within 30 minutes after the Friday morning announcement of the new financing, the beleaguered Hertz stock had risen more than 35% to near $1.37 per share. The 52-week range on the stock has seen a high of $20.85 and a low of 40 cents.
    https://www.freightwaves.com/news/he...-to-reorganize

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  5. #14
    Retired !

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    Default Re: Hertz informational news

    Just throwing this out there for all the truck driving investors out there.

    Hertz Stock: It’s Time To Let This One Go Already
    One of the interesting trends in trading this year has been the rise of bankruptcy stocks. In the past, when a company filed bankruptcy, its stock usually went to zero almost immediately. This year, however, many such zombie companies have continued to trade at a fevered pitch for far longer than you might reasonably expect. Hertz (OTCMKTS:HTZGQ) is one such example. Hertz filed for bankruptcy this spring in the wake of the novel coronavirus. You’d normally expect Hertz stock to quickly disappear from the scene.
    The stock has settled back down to $1 per share and has been delisted from the New York Stock Exchange. And, let’s be clear, it’s only going to get worse from here.
    https://www.nasdaq.com/articles/hert...ady-2020-11-13

 

 
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