In recent months, the car rental company Hertz Global Holdings Inc (OTCMKTS:HTZGQ) has been the subject of intense focus as it went through a bidding war between two groups of investors who were going to take it out of bankruptcy.
This morning the stock is in action once again and has gone up by 22% to take its gains for the past six month to a staggering 450%. There has been no news this morning about the Hertz stock but earlier on in the month the bankruptcy courts confirmed its reorganisation plan.
That was a major development for the company considering the fact that the acceptance of the reorganisation plan cleared the way for the company to come out of bankruptcy. The reorganisation plan is going to see the company eliminating in excess of $5 billion of its debt.
On the other hand, it is also going to provide global liquidity to the tune of $2.2 billion. In a statement released by the company at the time, Hertz stated that the reorganisation is not only going to further strengthen its balance sheet. In addition to that, it was also pointed out in the statement that Hertz is also going to have much more financial freedom.
Market Reaction:
As of 12:10, HTZGQ stock soared 23.11% to $8.31 with more than 8.27 million shares, compared to its average volume of 8.25 million shares. The stock has moved within a range of $7.74 – 8.50after opening the trade at $7.80. Over the past 52-week, the stock has been trading within a range of $0.41 – 8.89.
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