Hertz (NASDAQ: HTZ) and General Motors Co. (NYSE:GM) today announced an agreement in which Hertz plans to order up to 175,000 Chevrolet, Buick, GMC, Cadillac and BrightDrop EVs over the next five years. Hertz and GM believe this plan is the largest expansion of EVs among fleet customers and the broadest because it spans a […]
Stephen Scherr Named Chief Executive Officer at Hertz
Hertz announced today that it has named Stephen M. Scherr as Chief Executive Officer to lead the rental car company as it helps shape the next era in global mobility and travel. Scherr will lead Hertz and its global workforce of nearly 25,000 in its continued transformation to deliver products and services to customers that […]
Hertz Global Holdings Reports Revenues of $2.2 billion
Hertz Global Holdings, Inc. (OTCPK: HTZZ; OTCPK: HTZZW) announced for the third quarter 2021, the Company generated total revenues of $2.2 billion, reflecting the continued rebound in leisure travel and tight fleet inventory as Hertz executes against its strategic roadmap. While volume continued to be lower compared to 2019 levels, these headwinds were partially mitigated […]
Hertz Names Former Ford CEO Mark Fields as Interim CEO
Paul Stone to serve as President and Chief Operations Officer. Hertz announced today it has named Mark Fields as interim CEO and Paul Stone as president and chief operations officer, as the company accelerates its commitment to lead the future of mobility and travel. The moves, effective immediately, are part of a vision for an […]
Hertz Exits Chapter 11
Hertz Global Holdings, Inc. (OTCPK:HTZGQ) announced yesterday that it has successfully completed its Chapter 11 restructuring process and has emerged as a financially and operationally stronger company that is well-positioned for the future. Hertz’s Plan of Reorganization was confirmed by the Bankruptcy Court on June 10, 2021. In doing so, Judge Mary Walrath described the […]
Hertz’s Reorganization Plan Confirmed by Bankruptcy Court
Hertz Global Holdings, Inc. (OTCPK:HTZGQ) announced that the Bankruptcy Court confirmed the Company’s Plan of Reorganization. The Plan unimpairs all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Court’s approval clears the way for Hertz to emerge from Chapter 11 by […]
Hertz Selects $6 Billion Bid From Knighthead, Certares And Apollo To Fund Chapter 11 Exit
Hertz Global Holdings, Inc. (OTCPK:HTZGQ) announced that, following the completion of the auction previously approved by the Court in its Chapter 11 case, Hertz has selected and approved a revised proposal from certain funds and accounts managed by affiliates of each of Knighthead Capital Management LLC , Certares Opportunities LLC and Apollo Capital Management, LP, […]
Hertz Selects Equity Sponsor for Chapter 11 Exit
Hertz Global Holdings, Inc. (OTCPK:HTZGQ) announced April 3 that it has selected an enhanced proposal from Centerbridge Partners, L.P., Warburg Pincus LLC, and Dundon Capital Partners, LLC to provide the equity capital required to fund Hertz’s exit from Chapter 11, keeping the Company on track to conclude its Chapter 11 case in June 2021. Hertz […]
Hertz Completes Sale Donlen Corporation
Hertz Global Holdings, Inc. (OTCPK: HTZGQ) today announced the completion of the sale of its wholly-owned subsidiary, Donlen Corporation to Athene Holding Ltd. (NYSE: ATH) that was announced in November. Hertz received $891 million in cash proceeds per the terms of the transaction, subject to certain adjustments post-closing based on the level of assumed indebtedness, […]
Hertz Announces Sale of Donlen Corporation to Athene Holding
Hertz Global Holdings, Inc. (OTCPK: HTZGQ) announced that it has entered into an agreement to sell its wholly-owned subsidiary, Donlen Corporation, a fleet management leader, to Athene Holding Ltd. (NYSE: ATH), a financial services company, for an anticipated cash payment of $825 million subject to adjustments for fleet equity, working capital and assumed debt. Hertz […]