Hertz Asks For $1.6B Ch. 11 Loan For New Car Buys

Law360 (October 16, 2020, 10:51 AM EDT) -- Bankrupt car rental giant Hertz Global Holdings asked a Delaware bankruptcy judge Friday for permission to accept up to $1.65 billion in debtor-in-possession financing from a noteholder group, saying the funds are needed for continued operations and to replace the vehicles in its fleet.

Hertz, which has been operating only on lenders' cash collateral since it filed for bankruptcy in May, said the proposed loan from a group of the company's first-lien noteholders is now necessary to keep the company operating through its Chapter 11 case.

"Having access to additional liquidity is critical for the debtors — not only is the...

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