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 story : Hertz stock rallies after court ruling paves way for emergence from bankruptcy by end of June #FinanceUSA #StockMarketNEWS Shares of Hertz Global Holdings Inc. rose 1.7% in midday trading Thursday,

@stockMarketNEWS 4 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

Hertz stock rallies after court ruling paves way for emergence from bankruptcy by end of June #FinanceUSA #StockMarketNEWS
Shares of Hertz Global Holdings Inc. rose 1.7% in midday trading Thursday, after the car rental company said the bankruptcy court has confirmed its plan of reorganization. That paves the way for the company to emerge from bankruptcy by the end of the month, about 13 months after it filed for bankruptcy. The reorganization plan will eliminate more than billion of debt, and provide more than .2 billion of global liquidity. "As a result of its restructuring efforts, Hertz will emerge from Chapter 11 with a substantially stronger balance sheet and greater financial flexibility than it had prior to the onset of the COVID-19 pandemic, which forced Hertz to file for Chapter 11 relief in May 2020," the company said in a statement. The stock has rocketed 693.6% over the past three months, while shares of rival Avis Budget Group Inc. have rallied 34.7% and the S&P 500 has gained 8.8%.


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