16 Oct 20

Hertz secures $1.65 bn in financing

Hertz shares soared 96% to $2.02 each following news that the bankrupt car rental giant had secured $1.65 (€1.4) billion in financing. 

The financing will be provided by some of Hertz's creditors, on the debtor-in-possession principle, the company said.

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

Hertz Global Holdings filed for bankruptcy protection on 22 May. It was one of the first and most prominent victims within the mobility ecosystem of the economic disruption caused by the coronavirus. 

(Image: Shutterstock)

Authored by: Frank Jacobs