$1bn Hertz share sale okayed despite bankruptcyHertz has been given permission to sell $1 billion in shares even after it filed for bankruptcy in the US and CanadaWASHINGTON: The coronavirus-hit car rental company Hertz was granted permission Friday to sell $1 billion in shares, an extraordinary move after it declared bankruptcy in the United States and Canada. The company says it will sell the shares at its discretion in terms of timing and volume. Hertz is trying to capitalise on a surge in its volatile stock price since it filed for bankruptcy on May 23. On Friday the stock climbed 37.38% during the day, but fell 10.5% to $2.53 at 2130 GMT in after-market trading. According to the Wall Street Journal, Hertz — which filed for bankruptcy after lockdowns imposed to stop the spread of Covid-19 devastated the car rental industry — is buried under $19 billion in debt.

Source: Bangkok Post June 13, 2020 01:41 UTC