The deal requires Hertz to pay its asset-backed securities lenders $650 million of rent in equal installments per month from July to December. An unnamed person familiar with the deal told The Journal's Becky Yerak that this amounts to "about half of what Hertz is contractually obligated to pay."
They also said that "Hertz is also trying to arrange up to about $2 billion in financing to help it get through chapter 11." But, under it, Hertz will have to get rid of 182,521 leased cars, which will leave it with approximately 310,000 leased cars. Hertz will be allowed to retain $900 from each car it sells, according to The Journal. The rest of the money made from selling the cars will go toward repaying the lenders.
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I smell opportunity
See, that’s how it’s done. It allows for capital to move and more competition to enter the market place. Bailing out Hertz on public money would only prolong the process and shut out new businesses who are better adapted for the times.
Give ya about tree fitty
Where's the sale?
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