Hertz Files For U.S. Bankruptcy Protection

[tsptalk]

Hertz files for U.S. bankruptcy protection as car rentals evaporate in pandemic

A large portion of Hertz’s revenue comes from car rentals at airports, which have all but evaporated as potential customers eschew plane travel.

https://www.cnbc.com/2020/05/23/her...ion-as-car-rentals-evaporate-in-pandemic.html

 

[Bullitt]

Carl Icahn holds 38% of Hertz's outstanding shares. Wonder what he thinks about a bankruptcy.

 

[Bullitt]

Volume absolutely through the roof today as HTZ craters 80% from already decimated levels. Everyone that could get a bid unloaded it today.

 

[Bullitt]

Just came across the ticker:

ICAHN SAYS SOLD HERTZ POSITION AT 'SIGNIFICANT LOSS'

Explains the enormous volume surge a few days ago. Up 136% today on short covering, but anyone who sold this company short on or before 5/22 made $$.

 

[Bullitt]

13D shows loss of $302,167,682 (89%) for one of the world's most high profile investors. Think about that for a moment. This fund has access to all the information you would ever need to make a wise investment choice and it didn't work out.

“I have been an investor and supporter of Hertz since 2014. Unfortunately because of Covid-19 which has caused an extremely rapid and substantial decrease in travel, Hertz has encountered major financial difficulties and I support the Board in their conclusion to file for bankruptcy protection. Yesterday I sold my equity position at a significant loss, but this does not mean that I don’t continue to have faith in the future of Hertz. I believe that based on a plan of reorganization that includes new capital, Hertz will again become a great company. I intend to closely follow the Company’s reorganization and I look forward to assessing different opportunities to support Hertz in the future.”

https://www.sec.gov/Archives/edgar/data/921669/000092846420000023/htzsch13da05272020.htm