CAR - Hertz emerges from bankruptcy leaner and with eyes on profits

tupungato/iStock Editorial via Getty Images Hertz Global Holdings (HTZZ) emerges from bankruptcy to start trading again on the OTC market under a new stock symbol. Hertz says it is a financially and operationally stronger company that is well-positioned for the future. Through the restructuring, Hertz has reduced its corporate debt by nearly 80% and significantly enhanced its liquidity to fund operations and future growth. Specifically, Hertz has eliminated nearly $5.0B of debt, including all of Hertz Europe's corporate debt. In addition, Hertz has emerged with a new $2.8B exit credit facility and a $7.0B asset-backed vehicle financing facility, each having terms the company views as extremely favorable. The aggregate interest rate on the company's new ABS financing is less than 2.0%. Looking ahead, Hertz is executing on a series of operational initiatives aimed at creating a more focused and profitable enterprise. On Wall Street, Jefferies is already with some favorable

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Hertz emerges from bankruptcy leaner and with eyes on profits