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The new bid values Hertz at $6.2 billion and would pay unsecured bondholders in full.
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Hertz received $891 million in cash for the sale of the fleet management company.
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Today's video looks at the sale of Donlen by Hertz Global Holdings to Athene Holdings; November fleet sales data; and the uptick in conversion of managed fleets to outsourced fleet management.
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The pandemic exposed fleet policies to be woefully inadequate in addressing the needs of a health crisis. Fleets were forced to improvise policies and procedures to minimize the risk of contagion.
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Topics mentioned in today's video includes assembly plant production ramping up; resale market improvements; the state of the car rental industry; and how Hertz filing for Chapter 11 industry could affect the industry.
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All of Hertz's businesses globally remain open. International operating regions including Europe, Australia, and New Zealand are not included in the bankruptcy, nor are Hertz's franchised locations.
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Hertz’s board of directors has named Paul Stone, most recently head of retail operations in North America, to assume the role of CEO and president, effective immediately.
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In Michigan, New York, and the province of Quebec, the minimum age to rent a vehicle will remain 18 for both brands as required by law.
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