Hertz Global Holdings has completed its Chapter 11 restructuring process, the car rental company announced Wednesday.
Among theplan’s features, Hertzwill eliminate over $5 billion of debt, including all of Hertz Europe’s corporate debt. Hertz also will receive more than $2.2 billion of global liquidity and emerge with a $2.8 billion line of credit consisting of at least $1.3 billion of term loans and a revolving loan facility, and an approximately $7 billion asset-backed vehicle financing facility, both “on favorable terms,” the company said in a statement.
Hertz also now has a new board of directors, effective June 3…
Read the full article at: https://www.businesstravelnews.com/Transportation/Car/Hertz-Completes-Chapter-11-Restructuring-Process