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Hertz Suspends Sale of ‘Worthless’ Stock Amid SEC Scrutiny

  • Agency chairman says regulators have concerns with disclosure
  • Car-rental company floated $500 million stock proposal
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Hertz Says It Will Need a Miracle to Avoid Wipeout
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Hertz Global Holdings Inc. suspended plans to raise cash by selling new shares that the bankrupt car renter described as potentially “worthless” after its proposal failed to pass muster with U.S. regulators.

The company halted sales while it deals with issues brought up by Securities and Exchange Commission officials, according to a filing. The stock, whose trading had been halted earlier in the day, rose 5 cents to $2 Wednesday, while its bonds tumbled.