Hertz shares are likely going to $0, Morgan Stanley says
shares will likely fall to $0, according to Morgan Stanley, leaving the car-rental company's shareholders with nothing.
Morgan Stanley on Monday lowered its base case for shares of Hertz to $0 from $2 after the bankrupt company's plan"We are now more concerned that there is a potential risk of a NYSE de-listing, or potential liquidity shortfall where the company may exhaust available cash to run the business by the end of 2020, potentially leaving the equity with little or no residual claim," said Morgan Stanley analyst Adam Jonas in the Monday note.
after the company declared bankruptcy at the end of May, sending the price skyrocketing. Hoping to capitalize off of the surge, Hertz announced plans to sell as much as $500 million in additional shares and even noted in a regulatory filing that the stock "could ultimately be worthless."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
An inside look at Stanford's mental health innovation course - Business InsiderAn inside look at Stanford's one-of-a-kind course on mental health innovation, where students mingle with industry experts and develop business plans aimed at revolutionizing the healthcare industry (by AnikaNayak)
Read more »
India's GDP likely to rebound to 8.5% in 2022, migrant crisis prevails - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Facebook drops censorship tools for Workplace - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
US banks seek guidance on PPP loan forgiveness - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Wirecard shares crash again after payments firm says missing $2 billion likely doesn't existWirecard said it was assessing the 'prevailing likelihood' that the missing cash balances flagged by auditor EY 'do not exist.'
Read more »
A corporate executive and single father of 2 shares a day in the life - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »