(Bloomberg) – Hertz Global Holdings Inc. The company’s chief bankruptcy attorney told the court on Friday that it had cut lending to investors who had invested 5 billion to scale back their rental car fleet to 11 billion by New Year’s Eve . .
Hertz has agreed to sell 182,000 cars over subsequent few months under an agreement with Tom Dealers, with Tom Lauria within the U.S. Told Bankruptcy Judge Mary Walth. The deal requires Hertz to pay 6 50,650 million for the lease. The $ 11 billion reduction in vehicle debt is linked to auto sales, Loria said.
Referring to the boom within the used car market over the past few months, he said the deal was “a bit lucky”.
Hertz and his vehicle suppliers were fighting over what proportion the corporate had under a lease agreement to work the fleet. Attorney Marshall Hubner said lenders believe the lease had 1.8.8 billion in regular payments as of New Year’s Eve . Hertz and low-grade creditors retained little or no of this amount.
“I want to ascertain peace broken,” Walrath said of approving the agreement.
The lawsuit was filed by Hertz Corporation 20-11218 of the us , Delaware District (Wilmington).