Hertz Killing Share Sale Ends Unusual Bid to Fund Bankruptcy
- With stock offering called off, company seeks other financing
- Hearing on June 25 will determine how Hertz shrinks its fleet
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Hertz Global Holdings Inc. called off efforts to raise cash by selling potentially worthless stock after U.S. regulators questioned its highly unusual approach to paying off creditors.
The bankrupt car renter’s board decided it was in the company’s best interests to terminate the offering, according to a Thursday regulatory filing. Hertz said on Wednesday that the stock sale had been suspended while it dealt with issues brought up by Securities and Exchange Commission officials.