World News – US – Hertz secures US $ 1 65b bankruptcy funding program


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[NEW YORK] Hertz Global Holdings has arranged a new $ 1 US65 billion debt to help fund its bankruptcy case, the car rental giant announced Friday

Some of the company’s senior lenders will provide the financing, which will be structured as a deferred drawing term loan, Hertz said in a statement. Up to $ 1 billion of debt can be used for vehicle acquisition in the United States and Canada, while $ 800 million can be used for working capital and general corporate purposes

The deal follows Hertz’s controversial attempt to sell potentially worthless new stocks to fund its bankruptcy The stock rose 40% before market launch following news of the new deal on the debt

Bloomberg earlier reported that the car rental company was negotiating with creditors for a possible bankruptcy loan The new funding must be approved by its bankruptcy judge and a hearing is scheduled for October 29

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Finance, Hertz, Hertz Global Holdings Inc, financing of debtors in possession, stocks

News from around the world – US – Hertz secures USD 1 65b bankruptcy financing program


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