Hertz Proposes Franchise Sales, New Financing In Del. Ch. 11

Law360 (September 23, 2020, 10:24 PM EDT) -- Saying it needed to justify its footprint and offload a vehicle leasing affiliate's debt, The Hertz Corp. asked the Delaware bankruptcy court late Tuesday to approve plans to sell dozens of franchise territories as well as an agreement to support a non-debtor affiliate's sale of up to $400 million in asset-backed securities.

Hertz said the franchise territory sales would expand an ongoing downsizing procedure by the business in response to the financial woes created by the COVID-19 pandemic. The proposal reflected "changes in individual behavior and economic activity" on the part of customers, the company said.

The separate securitization plan would...

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