World News – US – Hertz stock more than doubled after securing $ 1.7 billion in DIP funding


Shares of Hertz Global Holdings Inc
more than doubled due to high volume of pre-market trading on Friday, after the bankrupt car rental company said it got $ 1.65 billion in debt-in-possession (DIP) financing The company said up to $ 1 billion of DIP dollars can be used to provide equity for vehicle purchases in the US and Canada, and up to $ 800 million can be used for working capital and general corporate purposes. Funding is subject to bankruptcy court approval Title climbed 105% to put it on track to open at the highest price seen during regular session hours since June Trading volume rose to 582 million shares, making it the most active security on the pre-market, and already well above the daily average of around 81 million shares. ”This new financing will provide financial flexibility on further as we continue to manage the effects of the pandemic on the travel industry and take action to best position our business for the future, ”said CEO Paul Stone Stock has fallen 935% since inception of the year until Thursday, while the shares of rival Avis Budget Group Inc
slipped 51% and the S&P 500
won 78%

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Tomi Kilgore is the Associate Editor of Investments and News for MarketWatch and is based in New York City You can follow him on Twitter @TomiKilgore

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Finance, Hertz, Hertz Global Holdings Inc, Equity Financing, Debtors in Possession

World News – US – Hertz Stock More Than Doubles After have secured $ 1 7 billion in DIP funding


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