Hertz Global Holdings Inc. won a bankruptcy judge’s approval to raise up to $1 billion in new equity from a counterintuitive stock rally, a seemingly unprecedented move for a large bankrupt company eager to capitalize on market anomalies.
Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington, Del., authorized Hertz to seize the opportunity to raise money from a stock market that has shown strong interest in the company’s shares despite its severe financial strain.
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June 13, 2020 at 05:29AM
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Bankrupt Hertz Can Tap Market Frenzy to Sell ‘Potentially Worthless’ Stock - The Wall Street Journal
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