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Hertz Global Holdings (OTCPK:HTZGQ) has filed its proposed Plan of Reorganization and related Disclosure Statement with the U.S. Bankruptcy Court, marking a significant step in its Chapter 11 process. The plan is backed by Knighthead Capital and Certares Opportunities, which will invest up to $4.2 billion. This investment, along with $1 billion in first-lien financing and $1.5 billion revolving credit, aims to strengthen Hertz's capital structure and facilitate its emergence from bankruptcy by summer 2021. The next court hearing is set for April 16.
Hertz Global Holdings (OTCPK: HTZGQ) reported Q4 and full-year 2020 results, revealing significant financial challenges due to the pandemic. Q4 revenue was $1.2 billion, with a net loss of $289 million and an Adjusted Corporate EBITDA loss of $140 million. For the year, revenue was $5.3 billion and net loss reached $1.7 billion. Despite these losses, the company achieved $3 billion in annualized cost savings and is on track to sell its Donlen vehicle leasing business in March 2021. Hertz continues to work toward emerging from Chapter 11 bankruptcy by mid to late summer 2021.