The roughly 700,000 rental cars that are the lifeblood of Hertz’s business are losing value rapidly, challenging bondholders and the bankrupt company during the pandemic
The roughly 700,000 rental cars that are the lifeblood of Hertz Global Holdings Inc.’s business are losing value rapidly, posing a challenge to bondholders’ repayment and to the bankrupt company’s chances of weathering the Covid-19 pandemic.
The value of the company’s fleet, which Hertz essentially leases mostly from banks and bondholders, could experience one of the biggest drops in asset values in U.S. bankruptcy history, according to court papers filed by Deutsche Bank AG, the administrative agent for a group of holders...
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