Hertz Agrees To Sell Cars, Pay $650M To Vehicle Lenders

Law360 (July 21, 2020, 8:10 PM EDT) -- Bankrupt car rental agency Hertz agreed late Monday to sell hundreds of thousands of vehicles by the end of 2020 and pay $650 million to its fleet financing lender to avoid a fight over a master lease agreement.

In filings made with the Delaware bankruptcy court, Hertz Global Holdings Inc. said it will withdraw its motion seeking to reject a master lease agreement with non-debtor affiliate Hertz Vehicle Financing LLC, a special purpose financing entity, and The Bank of New York Mellon Trust Co. NA as an indenture trustee until at least early 2021, given an agreement between those parties....

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