FILE PHOTO: A logo of the American car rental company Hertz is seen at Bordeaux Airport in Merignac, Southwestern France, February 4, 2016. REUTERS/Regis Duvignau/File Photo
- Car rental firm Hertz Global Holdings Inc said it would sell up to $1 billion in shares, cashing in on a huge speculative rise in its share price since filing for bankruptcy late last month. Since filing for bankruptcy on May 22, Hertz’s shares have risen more than threefold in value. The stock jumped 157% in the week ended June 5, their biggest weekly percentage gain on record.
Hertz is now seeking approval from a bankruptcy court to potentially sell 246.78 million unissued shares to Jefferies LLC. “The recent market prices of and the trading volumes in Hertz’s common stock could potentially present a unique opportunity for the debtors to raise capital on terms that are far superior to any debtor-in-possession financing,” the company said in a regulatory filing on Thursday.The company filed for Chapter 11 protection in a U.S. bankruptcy court in Delaware after talks with creditors failed to result in much needed relief.
It was going to happen eventually just like other businesses.
Damn. They're in that deep huh?
Thanks I hate it
Looking for dead money, this company filed for bankruptcy, they should be barred from seeking funds from the markets.
Wait, I read in Forbes that in 2017 & 2018 , Hertz was one of the worst companies to work for. All bad things must come to an end.
If you gave the money to 95% as stimulus (instead of skipping 95% & handing it all to .01% to run useless stock market bubble) 95% would have rented cars Hertz & many businesses could have remained in business SenateGOP SenateDems HouseGOP HouseDemocrats federalreserve
That confirms it.. $htz stock going to the moon.
utter madness
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