Hertz’s Debt Holders Seek Emergency Relief
ValueWalk | Jun 14, 2020 01:49AM ET
1) This is one of the scummiest things I've ever seen. It will be a total disgrace if the court overseeing the Hertz (NYSE:HTZ) bankruptcy and/or the SEC allow Hertz to issue equity.
Hat tip to Nate Anderson of Hindenburg Research, who tweeted :
Here's a link to the filing by the debtholders, which reads in part (my emphasis added):
[T]he Debtors now seek emergency relief, to capture the potential value of unissued Hertz shares for the benefit of the Debtors' estates...
The Debtors bring this motion on an emergency basis given the volatile state of trading in Hertz's stock and to ensure that the Debtors are in a position to capture the potential value of Hertz's unissued shares.
Despite the fact that any such equity offering would be terrible for shareholders – diluting them while bailing out debtholders – the stock the stock was up as much as 68% this morning.
h2 First Flight In Three Months/h22) As you read this, I'm just about to land in San Francisco.
I took my first flight in three months this morning, flying JetBlue Airways (NASDAQ:JBLU) from JFK. While I didn't love the idea of being in a tin can for six hours with a bunch of strangers, Yosemite beckons - and the entire experience was pleasant.
What I observed this morning was consistent with the latest data from the TSA: While "total traveler throughput" yesterday exceeded 500,000 for the first time since March 21, it was still down 81% from the day a year ago. JFK wasn't exactly a ghost town, but it was pretty close...
My flight was a little more than half-full. I was pleased to see that everyone was wearing a mask – the few people who weren't were quickly and politely reminded to do so.
/h2
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.