HTZ is continuously trading with the highest volume since Friday’s close and today’s opening.
Hertz Global Holdings, Inc. (HTZ) is trading up today continuing the bullish momentum from Friday. The stock is keeping up to be cheerful as the trading volume continues to increase. At today’s opening, HTZ took off from where it closed the trading session on Friday.
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In the prior trading session, Hertz was the leading stock with the highest trading volume with rising over more than 395 million. The stock surged up to double on Friday after the company reported that it has arranged a new $1.65 billion financing package to support and help the firm reorganize while in bankruptcy.
Hertz closed at $2.50 on Friday surging over 100%. As we write this at 12:37 P.M. EDT, HTZ was trading at $2.53 up by 1.13%. Shares of Hertz spiked to highest today trading at $2.95 and has a trading volume of 314 million, way ahead of the second spot stock Kaixin Auto Holdings (KXIN) which has a trading volume of 183 million.
The market capitalization has also significantly increased during the time. On October 15, 2020, the market capitalization was around $0.15 billion and today it is around $0.38 billion.
Despite the bankruptcy case pending in the court, the creditors have shown trust in Hertz. The beneficiary of the loan funding of $1.65 billion includes Apollo Global Management, Diameter Capital Partners, and Silver Point Capital. These three lenders have signed the agreement to fund the loan to Hertz Global Holdings to recover from the COVID-19 impact and reestablish.
The President of Hertz Global Holdings, Paul Stone said:
“We are pleased with the strong interest from our pre-petition first-lien lenders and appreciate their support of Hertz and our future opportunities as a rental car leader.”
Paul also mentioned that this loan will help the company in providing extra financial flexibility in improving the firm’s operations as they try to recover from the losses caused by the global pandemic.
The $1.65 billion financing package will drive the company to reorganize, filling the financial gaps where the company has been hurt badly. Hertz plans to utilize the loan by investing approximately $1 billion in vehicle acquisitions in the United States and Canada. Around $800 million, Hertz intends to use it for working capital and general corporate purposes.
The loan financing is yet to receive approval from Hertz’s bankruptcy judge. The hearing for the new financing deal is planned to take place on October 29. The case of Hertz is pending since the company filed the bankruptcy case in May.
The lenders have shown confidence in Hertz Global Holdings, Inc. (HTZ) and the increasing volume has up the stakes for the company. The investors are enthused with the financing deal and they are optimistic about the firm’s future and see HTZ as a go-to stock.
The maturity period of the loan is by the end of 2021. Under the loan deal with lenders, Hertz must file a Chapter 11 reorganization plan by August 1, 2021.