Hertz seeks bankruptcy court approval to offer $1 billion in stock —but experts expect equity to be wiped out
‘This is not investing. It is gambling,’ says one CIO, while CreditSights says it’s a ‘headscratcher’
The market dislocation wrought by the coronavirus pandemic has a poster child in Hertz Global Holdings Inc.
Hertz HTZ, has asked the courts to allow it to sell up to $1 billion in stock, appearing to want to ride a wave of intense speculative interest in its stock since the car rental company declared bankruptcy late last month, drowning in debt and hit hard by the global restrictions on travel designed to slow to spread of the coronavirus.