Hertz Creditors Hire Advisers as $6B Debt Refinancing Looms
HTZ sits 44% above its 52-week low of $1.45.
Summary
Hertz creditors are organizing and hiring advisers ahead of debt negotiations, with secured lenders retaining Evercore and Gibson Dunn, and a group including Canso Investment Counsel hiring Houlihan Lokey and Ropes & Gray. The company faces about $6 billion of non-vehicle debt and $12.7 billion tied to vehicles, with $2.7 billion of loans due in 2028 and a $1.2 billion term loan due June 2028 quoted at 59.625 cents on the dollar. This follows Hertz's engagement of PJT Partners in late September to extend maturities, and comes after the company reported $18.75 billion in total debt and a $628 million equity deficit in its Q2 filing. The creditor mobilization signals rising pressure on Hertz to restructure its obligations, though shares rose as much as 9% on Wednesday after touching a 2026 low of $1.45 in early August. The distressed trading levels of its debt highlight the market's concern about the company's ability to refinance on favorable terms.
At the time of this announcement, HTZ was trading at $2.10 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $746.8M. The 52-week trading range was $1.45 to $8.18. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.