Hertz Trading Halted After SEC Balks At Ch. 11 Stock Sales
By Jeff Montgomery (June 17, 2020, 1:37 PM EDT) -- Trading in shares of bankrupt Hertz Global Holdings Inc. halted Wednesday after U.S. Securities and Exchange Commission Chairman Jay Clayton noted during a televised interview that agency staffers had issues with the car rental company's plans to sell up to $1 billion in stock while in Chapter 11.
U.S. Bankruptcy Judge Mary F. Walrath approved the sale on Friday, after the company reported unexplained but promising market interest and trading in its stock and proposed an extended offering by way of amendments to a prospectus originally filed with regulators in June 2019.
Hertz told the court the sale could provide needed...
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