Hertz looks to reject lease payments for cars in ABS master trust

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Hertz looks to reject lease payments for cars in ABS master trust

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Hertz filed for bankruptcy in the US Car rental company Hertz was struck by the corona crisis after 102 years. Hertz has voluntarily filed for bankruptcy in the United States, the so-called Chapter 11 protection against creditors. The company also wants to lay off 12,000 employees. Amsterdam, Netherlands on May 27, 2020. Photo by Robin Utrecht/ABACAPRESS.COM | Utrecht Robin/ABACAPRESS.COM/ABACA/PA Images

Hertz filed a motion to reject the leases on approximately 30% of the rental fleet included in its securitization master trust, a move that would significantly cut costs for the bankrupt car rental company. If granted, the rejection would have repercussions for subordinated bond holders and set a precedent for future ABS bankruptcies, sources say.

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