Hertz gets eleventh-hour reprieve to fight off bankruptcy
The car rental company has less than three weeks to work out a rescue plan after it missed a debt payment
05 May 2020 - 22:16
New York — Hertz Global Holdings got an eleventh-hour reprieve from a potential bankruptcy from its lenders, who gave the struggling car rental company more time to work out a rescue plan after it missed a debt payment.
The forbearances and waivers give Hertz until May 22 to “develop a financing strategy and structure that better reflects the economic impact of the Covid-19 global pandemic”, the company said in a regulatory filing. Hertz shares, which had plummeted as much as 36% before the start of regular trading, were down 13% before midday on Tuesday in New York...
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