Business & Investment

Hertz’s plans listed on the OTC return to the Major League Baseball Nasdaq list

Car rental company Hertz Global Holdings Inc. aims to list its shares on Nasdaq under the old symbol HTZ, with some shareholders planning to sell their shares.

Hearts
HTZZ,
-3.67%

Shares have been traded over-the-counter since they were delisted on the New York Stock Exchange a year after Hearts went bankrupt. The company made a profit in the first half of this year, but also had more than $ 8 billion in debt.

The car rental company filed for Chapter 11 in May 2020, drowning nearly $ 20 billion in debt and was hit hard by the travel ban that came into force to curb the spread of COVID-19 at the time.

Hertz then embarked on a controversial plan to sell its shares shortly after filing for bankruptcy protection, investor that the shares being offered during bankruptcy proceedings could result in “worthless” results. Warned. The sale was eventually abandoned in response to protests from regulators and investors.

Hearts escaped bankruptcy in July A “much more powerful” company ready to take advantage of summer travel rebounds Rent-a-car prices are skyrocketing amid a shortage of rental cars.

In a filing on Friday, Hertz said the terms of the offer have not yet been determined. The offering is scheduled for the fourth quarter, “subject to market conditions and regulatory review completion.”

Goldman Sachs and JP Morgan are one of the lead underwriters of the proposed offering.

In filing, Hertz listed $ 3.2 billion in revenue over the six months ended in June of this year, compared to $ 2.8 billion in revenue in the year-ago quarter.

In contrast to the $ 1.2 billion loss ($ 8.39 per share) a year ago, he said he made $ 21 million (13 cents per share) during that period.

“We recently got out of bankruptcy, which can have a negative impact on our business and relationships,” as well as the ability to attract and retain employees, among other difficulties. , Said Hearts. In the prospectus.

The company still has “a significant amount of debt,” he said. As of June 30, Hertz has $ 8.6 billion in debt, including $ 7.04 billion in vehicle-related debt.

“Our significant level of debt increases the risk that we may not be able to generate enough cash to pay the amount payable for our debt,” Hearts said.

The company also warned that it has no plans to pay dividends “for the time being”.

Hertz’s plans listed on the OTC return to the Major League Baseball Nasdaq list

http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-76D3-1484054606E3%7D&siteid=rss&rss=1 Hertz’s plans listed on the OTC return to the Major League Baseball Nasdaq list

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