We thought we’d seen everything, but last week’s speculation in the shares of the bankrupt Hertz rental-car company is one for the financial books. The Federal Reserve now apparently has the power to raise the common stock of companies from the dead. A bankruptcy judge in Delaware on Friday approved the request of Hertz Global Holdings Inc. to sell shares to the public to finance itself through bankruptcy. Hertz said the equity offering could raise as much as $1 billion in new capital, and Judge Mary Walrath said it was a...

Source: Wall Street Journal June 14, 2020 20:53 UTC