Hertz Global Holdings asked the court overseeing its Chapter 11 bankruptcy reorganization to authorize a stunning plan to raise $1 billion by selling 246.8 million new share
But don’t tell that to retail investors who have inexplicably piled into Hertz since its May 22 bankruptcy filing, driving up the share price from 56 cents to as high as $5.53 earlier this week. In after-hours trading last night the stock has shot up nearly 50% to $3.
Hertz is essentially saying that if morons are offering free money, why not take it? Bondholders will still end up taking over anyway. “Caveat emptor,” saysThe Art of Distressed M&A: Buying, Selling and Financing Troubled and Insolvent Companies There’s very little precedent for this kind of move, says Anapolsky, and long-running debate as to whether exchanges and regulators should allow shares of insolvent companies to continue trading in bankruptcy. Is it too much mothering to prevent companies from baiting naive millenials — on new day-trading platforms like Robinhood — into handing over free money?
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Bankrupt car rental firm Hertz to offer up to $1 billion in sharesCar rental firm Hertz Global Holdings Inc said it would sell up to $1 billion in shares, cashing in on a huge speculative rise in its share price since filing for bankruptcy late last month.
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Bankrupt Hertz Wants to Sell Up to $1 Billion in New SharesRental-car company Hertz Global Holdings wants to capitalize on the rally in its stock seen earlier this week by selling up to $1 billion in shares, despite a bankruptcy that threatens to wipe them out.
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How Hertz Went Bankrupt - The Journal. - WSJ Podcasts🎧 Listen: In today's episode of The Journal podcast, mattwirz explains why Hertz is a prime example of how the coronavirus has exposed the debt many companies racked up before the crisis
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Hertz is looking to raise $1 billion in a share sale to capitalise on its almost 1000% market rally in the days since filing for bankruptcy | Markets InsiderHertz is looking to raise $1 billion in a share sale after its bankruptcy, the Wall Street Journal reported Thursday. The car rental company is ...
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Bankrupt car rental firm Hertz to offer up to $1 billion in sharesCar rental firm Hertz Global Holdings Inc said it would sell up to $1 billion in shares, cashing in on a huge speculative rise in its share price since filing for bankruptcy late last month.
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Bankrupt Hertz Wants to Sell Up to $1 Billion in New SharesRental-car company Hertz Global Holdings wants to capitalize on the rally in its stock seen earlier this week by selling up to $1 billion in shares, despite a bankruptcy that threatens to wipe them out.
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