“Bankrupt Hertz to sell up to $500 million in new shares”
June 15, 2020
“Hertz Global Holdings Inc <HTZ.N> will sell up to $500 million in new shares, the car rental firm said on Monday, as it takes advantage of a strong rally in its stock since it filed for bankruptcy last month.
Hertz said its shares would be eventually “worthless”, but the stock sale, part of the $1 billion that the company announced last week, could benefit creditors seeking to recover more of their claims during the bankruptcy process. (https://bit.ly/3fwkQCt)
The company’s stock closed at 55 cents on May 26, since then it has risen more than five-fold in value. The shares, which were down 23.3% at $2.17 in premarket trading on Monday, are set for their best month on record…”
https://finance.yahoo.com/news/bankrupt-hertz-sell-500-million-122144283.html