Hertz nears temporary deal with ABS creditors

Hertz adobe stock 575x375
By Jennifer Kang
22 Jul 2020

Hertz is close to securing a deal with ABS creditors, according to bankruptcy court documents filed this week, with the bankrupt rental car company agreeing to a discounted rent payment, while liquidating a part of its fleet. Sources say the agreement will provide more protection for senior ABS bondholders and provide an element of certainty through to the end of this year.

In the proposed agreement, Hertz will pay a total of $650m in base rent in six different payments throughout the period of July through to December of this year. The deal will be presented to the US Bankruptcy Court for the District of Delaware for approval on ...

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