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July 21, 2020, 5:31 p.m. EDT

Hertz inks temporary deal with creditors linked to fleet-reduction plan

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By Claudia Assis

Hertz Global Holdings Inc. /zigman2/quotes/200655672/composite HTZ -1.95% has reached an interim $650 million deal with a creditor group that has been fighting the rental-car company's plan to reduce the size of its leased fleet, mostly idled amid the coronavirus pandemic, The Wall Street Journal reported Tuesday. The resolution between Hertz and its asset-backed securities lenders and their representatives is effective at least through the end of the year, the newspaper said, citing a filing in bankruptcy court. Hertz filed for bankruptcy in May and has said it wanted to cut down its fleet size. Hertz shares are down 91% this year, compared with losses of 6% for the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.19% and contrasting with gains of 0.8% for the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.26% in the same period. Hertz last month pulled out of a planned and controversial stock offering.

/zigman2/quotes/200655672/composite
US : U.S.: NYSE
$ 1.09
-0.02 -1.95%
Volume: 1.52M
Oct. 1, 2020 10:57a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$173.39 million
Rev. per Employee
$250,105
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,835.35
+53.65 +0.19%
Volume: 105.77M
Oct. 1, 2020 10:57a
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/zigman2/quotes/210599714/realtime
US : S&P US
3,371.65
+8.65 +0.26%
Volume: 627.40M
Oct. 1, 2020 10:57a
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