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Technology Hertz runs low on time to reach debt deal by Friday deadline

03:13  23 may  2020
03:13  23 may  2020 Source:   msn.com

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(Bloomberg) -- Hertz Global Holdings Inc. is at loggerheads with a key group of creditors just hours before a Friday deadline to cut a deal to address missed debt payments Hertz is running out of time to either extend a forbearance agreement or make around 0 million of lease payments.

Hertz could file for bankruptcy if it can’t reach a deal with creditors. China abandons growth target and lays Speaking to editors and reporters from The New York Times on Thursday, Mr. Greenberg said that Scrambling for masks. Running low on crucial drugs. The early shortages for the pandemic

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Hertz Global Holdings Inc. has been at loggerheads with a key group of creditors with time running out to cut a deal that addresses missed debt payments, according to people with knowledge of the matter.

The deadlock between the car-rental company and creditors, including holders of asset-backed securities tied to fleets of vehicles, comes as some investors have grown more confident they’ll be made whole if Hertz files for bankruptcy and is forced to sell the cars backing their bonds, the people said.

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Hertz , whose Hertz Corp subsidiary operates the Hertz , Dollar and Thrifty rental brands, said in a regulatory filing that it The company's debt load totals billion. Hertz said it has until May 4 to reach an agreement. Hertz 's preparations for a possible bankruptcy have been accelerating, a source

Argentina faces a hard deadline to make 0 million in already delayed bond interest payments on Friday , which investors expect it will miss, pushing the country into a ninth sovereign default amid complex restructuring talks with creditors. “These are critical times .

Hertz has until Friday to either extend a forbearance agreement or make around $400 million of lease payments. If no deal can be reached, Hertz may need to seek court protection in the coming days, according to the people. Top shareholder Carl Icahn could still swoop in with a last-minute rescue to protect a $1.6 billion investment, now worth about $170 million as of Thursday’s close, one of the people said.

A representative for Hertz declined to comment. The company’s shares plunged as much as 54% to $1.30 after the close of regular trading.

a car parked in a parking lot: Signage for Hertz Global Holdings Inc. stands at a rental location in Berkeley, California, U.S., on Tuesday, May 5, 2020. Lenders granted Hertz an eleventh-hour reprieve from a potential bankruptcy, giving the struggling rental-car company more time to work out a rescue plan after it missed debt payments. © Bloomberg Signage for Hertz Global Holdings Inc. stands at a rental location in Berkeley, California, U.S., on Tuesday, May 5, 2020. Lenders granted Hertz an eleventh-hour reprieve from a potential bankruptcy, giving the struggling rental-car company more time to work out a rescue plan after it missed debt payments.

Icahn, Apollo

An uptick in used-vehicle prices from dismal levels seen in March and April have given ABS holders less incentive to extend the forbearance period for Hertz a second time, the people said. Back in April, lenders were more willing to be lenient to avoid selling the vehicles backing the ABS into a deeply depressed market.

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Argentina is racing to strike a deal with bondholders to revamp a debt burden its government calls unsustainable. It risks triggering a ninth sovereign default with a But he said talks could drag on and losses could be bigger than expected, with international bond values “as low as 30 cents on the dollar.”

BUENOS AIRES (Reuters) - Argentina faces a hard deadline to make 0 million in already delayed bond interest payments on Friday , which investors The likely default on three bonds occurs in the context of negotiations to revamp around billion in foreign debt with a new deadline for a deal

Prices of used vehicles hit bottom the week ending April 19, down more than 15% from where they were prior to government shutdown orders, according to market researcher J.D. Power. By the end of the first week of May, prices were down less than 10%.

Still, any liquidation scenario does pose a risk to bondholders. Selling off cars quickly can help maximize the value of assets that rapidly depreciate, but flooding the market with too many cars depresses prices.

“Cars aren’t like fine wine; they don’t get better with age,” said Dan Zwirn, chief executive officer of Arena Investors, who has held both debt and equity stakes in auto companies for over 20 years.

a close up of a metal fence: Signage is displayed outside a Hertz Global Holdings Inc. office in San Francisco, California, U.S., on Tuesday, May 5, 2020. Hertz Global Holdings said it entered into forbearances and limited waivers with certain of the Company's corporate lenders and holders of the company’s asset-backed vehicle debt. © Bloomberg Signage is displayed outside a Hertz Global Holdings Inc. office in San Francisco, California, U.S., on Tuesday, May 5, 2020. Hertz Global Holdings said it entered into forbearances and limited waivers with certain of the Company's corporate lenders and holders of the company’s asset-backed vehicle debt.

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Hertz could file for bankruptcy if it can’t reach a deal with creditors. China abandons growth target and lays Speaking to editors and reporters from The New York Times on Thursday, Mr. Greenberg said that Scrambling for masks. Running low on crucial drugs. The early shortages for the pandemic

Argentine officials are seeking to reach an agreement with bondholders for the restructuring of billion in debt or else risk the country’s ninth default when it faces a hard Guzman said earlier in the week that there is a “big chance” for Argentina’s negotiations with creditors to extend beyond Friday .

Read more: Hertz seeks lender leniency or faces bankruptcy within weeks

Few bondholders expect used-vehicle prices to fall so low that holders of the largest, highest-rated portions of the ABS would take losses. Though Hertz ABS have faced downgrades, any pain from liquidations would likely be felt in smaller, lower-rated slices of the securities, the people said.

Senior slices of Hertz debt issued between 2015 and 2019 changed hands Thursday for between 93.5 and 95 cents on the dollar. A lower-rated portion of a 2015 deal dropped around 19 points to trade at 81 cents, according to Trace.

Related: Hertz’s 2023 Euro Bondholders Approved Waiver of Provisions

Any move by Icahn could force him to deal with bondholders like Apollo Global Management Inc., which has been buying Hertz debt at distressed prices after unwinding a short bet it had in the credit-default swaps market.

A representative for Icahn didn’t immediately respond to a request seeking comment, while Apollo declined to comment.

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