The new bid values Hertz at $6.2 billion and would pay unsecured bondholders in full.
Hertz Completes Sale of Donlen to Athene Holding
Hertz received $891 million in cash for the sale of the fleet management company.
Hertz received $891 million in cash for the sale of the fleet management company.
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.
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.
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.
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.
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.
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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