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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!