is looking to sell as much as $1 billion of shares and capitalize from its recent explosive stock market growth, despite an impending bankruptcy. reported on Thursday that the company is requesting a bankruptcy judge to give the green light to a deal with Jefferies LLC that would pave the way for the company to allow the potential sale of 246.8 million unissued shares.
After filing for bankruptcy on May 22, Hertz shares plunged to an all time low of $0.40, but have rebounded sharply in recent days.Famed short seller Andrew Left lays out his methodology for finding the stock market's weakest links — and says he's terrified of newbie day traders that think they can outsmart Carl Icahn and Warren Buffett
The company's stock had exploded almost around 1460% since the end of May before prices took a beating mid week. It is currently around 685% above its May 26 low. "The recent market prices of and the trading volumes in Hertz's common stock potentially present a unique opportunity" to raise funds on more favorable terms compared to strings-attached loans that other insolvent firms get, Hertz' lawyers reportedly said on Thursday.
The company is also reportedly planning to ask the US Bankruptcy Court to exit leases for 144,372 vehicles.
Nuts!