Hertz Global Holdings Inc. is backing a new effort to raise $400 million that would allow it to keep its rental car fleet stocked with new vehicles for a return to business once the coronavirus pandemic eases.
The nation’s largest car-rental company filed for bankruptcy protection in May, its revenues hammered by restrictions imposed to suppress the spread of Covid-19, which has claimed more than 200,000 lives in the U.S.
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The new securitization deal between Donlen Corp., which supplies Hertz with cars, and Barclays Bank PLC is separate from Hertz’s search for chapter 11 financing in the form of a $1.5 billion loan that will preserve the company until business returns to normal levels.
Multiple lenders are offering to provide the bankruptcy loan, Hertz lawyer Thomas Lauria of