Car-Rental Firm Hertz Reportedly Seeks $700M Lifeline As EV Strategy Stalls
Portfolio Pulse from Anan Ashraf
Hertz Global Holdings Inc (NASDAQ:HTZ) is reportedly seeking $700 million in secured debt and convertible notes to improve its financial position amid challenges with its electric vehicle (EV) strategy. The company plans to remove 30,000 EVs from its fleet due to high repair and operating costs, which have led to significant financial strain.
June 07, 2024 | 6:39 am
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Hertz is seeking $700 million in secured debt and convertible notes to address financial strain from its EV strategy. The company plans to remove 30,000 EVs from its fleet due to high repair and operating costs.
Hertz's move to seek $700 million in secured debt and convertible notes indicates significant financial strain, particularly from its EV strategy. The removal of 30,000 EVs from its fleet due to high costs suggests operational challenges, likely leading to negative short-term impact on its stock price.
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