Hertz Taps PJT Partners to Extend Debt as Maturities Loom
4 replies (most recent on top)
Anyone see article today "Hertz creditors are organizing into multiple groups ahead of debt talks"?
The non- vehicle debt is what they are worried about. Of the nearly $7B debt, around $2.8B of it is coming due in 2028.
Refinancing is what Hertz is going to try to do, after exhausting sales of assets, sell and leaseback, pulling forward turnback vehicles etc.
Refinancing comes at an additional expense, the lenders need a good reason. Higher interest or more favorable terms perhaps; that is why they've started organizing.
Hertz is trying to Franchise parts of Europe and all of APAC to generate money so to make refinancing more attractive to the lenders.
Board of Directors and CFO are destroying the future that was one bright coming out of the last bankruptcy.
This is just a play to kick the debt tsunami can down the road while it continues to drive near term financial statements to a better place. Nothing to see here…move on….grab the next cigar!!
Surely we must have saved some money from the multiple rounds of layoffs and back to basics operations to be able to pay our debts down.