Hertz seeks $1.5 billion bankruptcy loan after share sale blocked: WSJ - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 51%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Hertz is seeking a $1.5 billion bankruptcy loan after regulators blocked its controversial $500 million share sale, report says

They admitted there was a "significant risk" that the shares would be "worthless" as bankruptcy courts typically order companies to repay lawyers, lenders, and suppliers first, rarely leaving any money for stockholders.

The controversial venture drew scrutiny from the Securities and Exchange Commission, spurring Hertz to only sell $29 million worth of stockChris Mayer wrote the book on how to make 100 times your money with a single stock. He gives an in-depth assessment of the latest company that 'checks all my boxes.'

Hertz's revenue plunged 67% to $832 million last quarter as pandemic-related lockdowns and travel restrictions hammered demand for rental vehicles. The decline fueled a net loss of $852 million — a sharp swing from the group's $40 million of net income in the second quarter of 2019.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Why loan money to a bankrupt company? The other rental outfits didn't declare bankruptcy. There are enough of them that we don't need Hertz anymore. Let it fold.

Check out my Gig on Fiverr: I will do dynamic real estate promo video

another iconic brand mismanaged and now going down the toilet.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside Citadel's remote summer internship at a luxury Wisconsin resort - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. $400/night they were putting these kids in a motel 6
Source: BusinessInsider - 🏆 729. / 51 Read more »

Lord & Taylor going-out-of-business sales beginning at all stores - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »