The car rental company Hertz Global Holdings (OTCMKTS:HTZGQ) saw its stock make a strong move this past week after its Plan of Reorganization was approved by the Bankruptcy Court on Thursday.
The news was welcomed by investors and the stock ended the week with gains of 18%. The reorganization plan in question had been approved by as many as 97% of all shareholders and it should be noted that the plan also unimpairs all the different categories of creditors.
The approval from the Bankruptcy Court is a shot in the arm for Hertz since it will help the company in coming out of bankruptcy by the end of this month. Moreover, it is also important for investors to keep in mind that following the restructuring, the company’s balance sheet will get stronger and it will also have the financial strength to grow the business. Hertz had to file for bankruptcy after the coronavirus pandemic wrecked its business.
|+/- EMA(20)||6.00 (+17.17%)|
|+/- SMA(50)||3.96 (+77.53%)|
|+/- SMA(200)||2.05 (+242.93%)|