Hertz returns with $4bn ABS to climb out of bankruptcy

Hertz adobe stock 575x375
By Jennifer Kang
30 Nov 2020

Hertz is returning to the ABS market for the first time since it filed for bankruptcy in March. The rental car company is revving up for a $4bn delayed draw securitization, a stepping stone towards longer-term ABS deals it hopes to issue next year, sources said.

Hertz filed for Chapter 11 bankruptcy on May 22 after failing to reach an agreement with lessors, causing significant disruption to the company’s lease payments. Along with aircraft, rental car ABS was one of the hardest hit asset classes within the ABS universe as travel demand ...

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