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Hertz Global (HTZ) Announces Resignation of Jeffrey Nedelman from Board
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Rental car company Hertz emerges from bankruptcy, with changes to board Laura Layden, Fort Myers News-Press
Hertz files for bankruptcy
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Hertz has emerged from bankruptcy.
The Florida-based rental car company in business for more than 100 years announced its anticipated successful exit from Chapter 11 bankruptcy late Wednesday afternoon.
In a news release, Hertz Global Holdings, parent of The Hertz Corp., said it had emerged as a financially and operationally stronger company that is well-positioned for the future. © Ted Shaffrey/AP A Hertz store is closed during the coronavirus pandemic.
In approving the plan, Walrath described the outcome as fantastic, saying it surpassed any result that I ve seen in any Chapter 11 case that I ve faced in my 20-plus years.
When the economy began to show signs of recovery earlier this year, we were perfectly positioned to drive a competitive process that would maximize recoveries. The result paying our nearly $19 billion of creditors in full and returning substantial value to our shareholders is remarkable, Keizer said.
In tandem with its financial restructuring, Hertz said it has undertaken a series of operational steps to create a more focused and profitable enterprise. That includes slashing costs and right-sizing its fleet.
Another important move in bankruptcy? Hertz sold its Donlen fleet leasing business for $891 million in cash.
Looking ahead, Hertz said it s on track for strong financial results in 2021, in large part due to a sharp increase in car rentals in the United States, driven by a decline in new COVID cases and rise in vaccinations nationally that has fueled more travel.