HERTZ, AVIS, EUROPCAR: i loro e nostri guai (1 Viewer)

[Jsvmax79]

Bloomberg

@business
·
2h

Avis Budget shares soared as much as 14.1% in postmarket trading after the company signaled a rebound in travel may be underway



Avis Shares Surge on Earnings Beat and Signs of Travel Recovery
bloomber

 

[Fabrib]

Hertz Global Holdings Inc. raised $29 million selling its likely worthless stock before regulators dissuaded the bankrupt rental-car company from selling more.
The Florida-based company, which filed for chapter 11 protection in May, on Monday disclosed the results of a controversial effort to sell as much as $500 million in shares despite the severe financial strains that drove the company into bankruptcy.
Hertz launched the stock sale after its bankruptcy filing, hoping to capitalize on a speculative frenzy fueled by risk-hungry day traders that gave the company a golden opportunity to raise capital it needed to cover its bills.
Bankruptcies typically wipe out shareholders, and Hertz warned in June its bankruptcy "may render our common stock worthless." Its shares nonetheless went on a gravity-defying rally after its bankruptcy filing, as investors on the popular Robinhood trading app piled in.
Hertz suspended the stock sale after the Securities and Exchange Commission raised questions, but not before issuing 13.9 million shares, netting $29 million, according to a securities filing by the company on Monday.
The stock closed at $1.69 on Monday, implying a $240 million market capitalization.
Hertz said Monday that although it couldn't predict what would happen to its shares during the bankruptcy, their value would likely be wiped out unless its debt could be fully repaid. For that to happen "would require a significant and rapid and currently unanticipated improvement in business conditions" to pre-coronavirus levels, Hertz said.
The company entered bankruptcy with roughly $19 billion in debt and hundreds of thousands of excess vehicles that have been sitting idle as Americans travel less due to the Covid-19 pandemic.
Hertz also said it has been hunting for emergency loans to keep its operations running. The company said that as of the end of June, it had $1.4 billion in cash, enough to fund operations through December.
The Wall Street Journal reported in June, after the stock sale was suspended, that Hertz was hunting for a financing package. (MW)

 

[Fabrib]

Hertz has received interest from several potential buyers for its Donlen fleet business and is considering a sale if it can get at least $1 billion
BBG

 

[qquebec]

Europcar: in trattative con creditori per ristrutturazione

Europcar Mobility Group tratterà con i suoi creditori per procedere con una ristrutturazione finanziaria dopo lo shock nella prima parte dell'anno a causa della pandemia di coronavirus. La società di autonoleggio intende "assicurarsi una struttura finanziaria sostenibile adeguata al livello di fatturato, con un indebitamento ridotto e una liquidità appropriata". La pandemia ha colpito così duramente i settori del tempo libero e dei viaggi al punto che la società si aspetta una ripresa molto lenta e avvolta da incertezza. Nel secondo trimestre, la società francese ha registrato un rosso di 181 milioni di euro (213,9 mln usd), a fronte della perdita di 2 milioni di euro di un anno prima e ha attribuito la performance alla pandemia. Europcar punta dunque a velocizzare il piano di trasformazione per adattare la sua offerta a un mercato in evoluzione, che sta osservando un incremento della domanda di soluzioni per la mobilità contectless, digitali e sostenibili. Dopo la notizia, il suo titolo è sceso del 28% a 0,87 euro.

e se ne va anche questa

 

[azetaelle]

un paio di mesi fa si parlava di un interessamento di VW per europcar, ma la cosa sembra essersi risolta in un nulla

 

[qquebec]

un paio di mesi fa si parlava di un interessamento di VW per europcar, ma la cosa sembra essersi risolta in un nulla

E il bello è che lo Stato francese era intervenuto a sostegno con prestiti che saranno senior rispetto ai bond

 

[Jsvmax79]

Hertz is negotiating with its creditors for a loan to bolster operations after months of funding itself during bankruptcy
Hertz Weighs Plans From Two Creditor Groups for Bankruptcy Loan
bloomberg.com

 

[Fabrib]

Vatican used charity funds to buy Hertz credit derivatives
‘Gambling’ bets placed under watch of Cardinal Becciu, who was forced to resign last month
FT

 

[Fabrib]

• Hertz Global Holdings (OTCPK:HTZZ): Q2 Non-GAAP EPS of $2.55; GAAP EPS of -$1.05.
• Revenue of $1.87B (+124.8% Y/Y)
• Press Release
• Adjusted Corporate EBITDA of $639M for the quarter was a Company record.
• Corporate liquidity of $3.0B at June 30, 2021, including $1.8B of unrestricted cash, compared to $1.1B at first quarter-end.
• Hertz emerged from Chapter 11 on June 30, 2021 as a well-capitalized company with the flexibility and resources to pursue exciting new growth opportunities.