Investor Alert

April 24, 2020, 2:51 p.m. EDT

Hertz hires advisers to roll debt: report

Hertz Global Holdings Inc. (NYS:HTZ) has hired lawyers and investment bankers as advisers as it tries to renegotiate its $17 billion of debt, according to a report Friday on The Wall Street Journal that cited people familiar with the matter. Hertz and the firms involved, which included White & Case LLP and the investment bank Moelis & Co., declined to comment, the newspaper said. Hertz late March said it had access to about $1 billion in liquidity with no "significant" debt maturities due until June 2021. Virus-related shutdowns and all-but-absent travel have hit rental-car companies, but competitor Avis Budget Group Inc. (NAS:CAR) said earlier this week it expected first-quarter sales only modestly below consensus thanks to a busy January and February. Shares of Hertz have fallen 76% in the past 12 months, compared with losses around 3.3% for the S&P 500 index. (S&P:SPX)

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