Welcome to our dedicated page for Hertz Global Hld news (Ticker: HTZ), a resource for investors and traders seeking the latest updates and insights on Hertz Global Hld stock.
Hertz Global Holdings, Inc. reports news on its vehicle rental and mobility operations, including the Hertz, Dollar, Thrifty and Firefly rental brands, Hertz Car Sales, and Hertz 24/7 car sharing in Europe. Company updates commonly cover rental demand, fleet rotation, revenue per unit, revenue per day, depreciation trends, used-vehicle sales channels and customer-service initiatives across its Americas and international rental operations.
Hertz news also includes partnerships and platform expansion in mobility services. Recent themes include digital retail for near-new vehicles, premium fleet additions, rideshare and fleet-management partnerships, and Oro Mobility, an affiliated operating company focused on integrated fleet solutions for driver-led and autonomous mobility models.
On May 24, 2021, Hertz reported that more than 80% of Americans surveyed plan to take summer road trips, with 52% beginning their travels in June. The survey indicated that safety is a priority, as 65% prefer rental cars over personal vehicles. The South is expected to be the top travel destination, with 74% of travelers opting to stay within the U.S. Hertz highlighted its commitment to providing a safe and easy rental experience, promoting early bookings, and offering tips for maximizing road trips this summer.
Hertz Global Holdings, Inc. announced that its common stock will start trading exclusively on the over-the-counter market starting October 30, 2020. The decision follows the company's Chapter 11 filing on May 22, 2020, and the NYSE's determination that Hertz was no longer suitable for listing. The stock will trade under the new ticker symbol HTZGQ on the OTC Bulletin Board, as its previous listing on the NYSE will cease on the same date. Investor information and Chapter 11 case details are available on the company's website.
Hertz Global Holdings, Inc. (NYSE: HTZ) announced the appointment of Alexandra (Alex) Brooks as Senior Vice President and Chief Accounting Officer, effective November 1, 2020. Brooks, who has over 25 years of finance and accounting experience, previously served as Senior Vice President, Internal Audit at Hertz since June 2020. Her past roles include positions at Aptiv PLC and General Electric. Hertz's CFO, Kenny Cheung, praised her contributions, stating her expertise will support the company's future.
Hertz Global Holdings (NYSE: HTZ) announced commitments for $1.65 billion in debtor-in-possession (DIP) financing to aid its Chapter 11 restructuring. This financing, subject to court approval, includes up to $1 billion for vehicle acquisitions in the U.S. and Canada and $800 million for working capital. Hertz’s CEO, Paul Stone, expressed optimism about the support from first-lien lenders amid the challenges posed by the pandemic on the travel industry. A court hearing for the financing is scheduled for October 29, 2020.
Hertz Global Holdings announced the appointment of Kenny K. Cheung as Chief Financial Officer, effective September 24, 2020. Cheung, previously Executive VP of Finance and Chief Operational Finance and Restructuring Officer, succeeds R. Eric Esper, who resigned but will assist as Chief Accounting Officer until November 1, 2020. Cheung joined Hertz in December 2018, having previously held roles at Nielsen Holdings and General Electric. CEO Paul Stone expressed confidence in Cheung's financial leadership during this pivotal time for the company.
Hertz Global Holdings (NYSE: HTZ) announced the resignation of CFO Jamere Jackson, effective September 11, 2020. He will assist in the transition. R. Eric Esper has been promoted to CFO, while Kenny K. Cheung takes on a new role as Chief Operational Finance and Restructuring Officer. Both executives have significant experience, with Esper previously serving as Senior Vice President and Chief Accounting Officer since 2018, and Cheung having held various roles at Nielsen and GE. Hertz aims to leverage this leadership to navigate the ongoing challenges posed by the pandemic and its bankruptcy process.
Hertz Global Holdings reported Q2 2020 results with revenue of $832 million, a 67% decline year-over-year, and a net loss of $847 million. Adjusted Corporate EBITDA was negative $587 million, with liquidity at $1.4 billion.
Despite severe impacts from the pandemic, the company reduced operating expenses by 47% and experienced sequential revenue improvements in May and June. A strong used-car market is allowing Hertz to aggressively sell fleet vehicles. The company is currently undergoing Chapter 11 reorganization to enhance its financial stability and future growth prospects.