Hertz Trading Halted After SEC Balks At Ch. 11 Stock Sales

Law360 (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...

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!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!