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Hertz secures $1.65-billion in financing, sending bankrupt car-rental firm’s shares soaring

Reuters
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A passenger passes in front of a Hertz counter at the Benito Juarez international airport in Mexico City on June 11, 2020.

Edgard Garrido/Reuters

Bankrupt car rental company Hertz Global Holdings Inc. said on Friday it had lined up US$1.65-billion in debtor-in-possession financing, sending its shares soaring.

Hertz plans to invest up to US$1-billion in vehicle acquisitions in the United States and Canada, and up to US$800-million for working capital and general corporate purposes.

The financing will be provided by some of the company’s creditors, Hertz said. It has filed a motion for approval of the financing by the U.S. Bankruptcy Court for the District of Delaware.

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The more than a century old company’s shares jumped 96 per cent to US$2.02 in premarket trading.

Hertz filed for bankruptcy protection on May 22 after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much-needed relief.

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