Hertz Faces Volatile Trading, Bondholder Lawsuit After Leaving Bankruptcy

WSJ2021-07-02

Hertz Global Holdings Inc. shares swung wildly in the over-the-counter market after the rental-car company formally emerged from bankruptcy and was swiftly sued by bondholders demanding $272 million ...

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Thisis_jw
2021-07-02
Thisis_jw
??
Jetblackeyes
2021-07-02
Jetblackeyes
Pls like and comment @yvneyng
- Jetblackeyes:
  Ty
- Wandakdash:
  Song y y
- yvneyng:
  Ok
jjng
2021-07-02
jjng
go
- Jetblackeyes:
  Nice
Pigmonkey
2021-07-02
Pigmonkey
Like pls
- Shiokshiok:
  Ok
Kdf
2021-07-02
Kdf
Gogogo
AurulentL
2021-07-02
AurulentL
Like and comment pls
- Huathk:
  Gd

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Make-whole provisions can be triggered when debt is redeemed or refinanced, requiring that creditors be compensated for the interest they would otherwise have received.\nHertz disputes that any make-whole is due, according to the complaint. The company didn’t respond to a request for comment.\nThe bondholders said it wouldn’t be fair to deny them premium payments when shareholders received roughly $1 billion in value when Hertz left bankruptcy. 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Holders of a further $1.867 billion in bonds instead had their principal repaid on Wednesday, and are now seeking to also collect the premium payments.\nThe bonds are in four tranches that mature in 2022, 2024, 2026 and 2028, and were cashed out well before their maturities.\nIf the premium payments aren’t approved in court, the bondholders asked, as an alternative, to be paid $128 million in interest dating to Hertz’sMay 2020 bankruptcy petition. Hertz also disputes the post-petition interest claim, according to the complaint.\nHertz was delisted from the New York Stock Exchange in October following a precipitous, monthslong decline that took its stock price near zero. 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