What Crazy Development Has Hertz Driving 13% Higher Today?
Shares of Hertz Global Holdings (NYSE: HTZ), the vehicle rental company driving through the bankruptcy process, jumped as much as 13% higher Wednesday despite broader markets sharply declining. Yes, a company that's bankrupt because of coronavirus impacts is soaring while broader markets decline on COVID-19 pessimism: the most 2020 thing ever. What's going on?
Let me be clear that in all likelihood, these Hertz shares will end up worthless, but until the company is delisted or bankruptcy negotiations are complete, the stock will be subject to wild volatility.
Currently, some traders are speculating that the stock could receive a near-term boost tomorrow if Hertz's proposed debtor-in-process (DIP) financing worth roughly $1.65 billion is approved by the U.S. Bankruptcy Court.
Source Fool.com
