Hertz Global Holdings
Hertz Global Holdings، hertz global holdings inc stock، hertz global holdings annual report.
hertz global holdings inc stock
HIGHS OF THE DAY, UP 45%، Hertz Global Holdings
THAT SHAREHOLDER GROUP WINNING
THE AUCTION FOR THE BANKRUPT
COMPANY.
ONE OF THOSE SHAREHOLDERS JOINS
US NOW
GLEN VIEW'SLARRY ROBINS IS WIT
US
LARRY, THANKS FOR COMING ON
TODAY.
>> ABSOLUTELY.
HAPPY TO BE HERE.
>> YOU WERE PART OF THE AD HOC
GROUP OF SHAREHOLDERS.
ARE YOU SURPRISED AT THE
OUTCOME?
GIVE ME YOUR REACTION TO IT.
Hertz Global Holdings
>> WE ARE NOT SURPRISED WITH THE
OUTCOME.
WE HAVE SEEN THE SITUATION IN
OTHER POST-BANKRUPTCY SITUATIONS
IN THE PAST.
I MEAN GLEN VIEW HAS BEEN AROUND
FOR 20 YEARS
WE SAW IT IN A NEGOTIATION WITH
CLEAR WIRE, WHICH WAS OUT OF
BANKRUPTCY
WE SAW IT GOING BACK TO THE
EARLY 2000s IN THE PCS
AFFILIATES AND IN THE -Hertz Global Holdings AND IN
THE CELLPHONE TOWER COMPANIES.
OFTENTIMES THE BONDHOLDERS WHEN
THEY NEED TO REORGANIZE WILL TRY
TO KEEP ALL OF THE VALUE TO
THEMSELVES, AND IN THIS CASE AS
THE ECONOMY RECOVERED, AS THE
TRAVEL ECONOMY RECOVERED, IT WAS
OBVIOUS TO US AND OTHERS THAT
THERE'S A ROLE FOR THE EQUITY
HOLDERS TO PLAY, THAT THERE'S
RIGHTFULLY A RECOVERY FOR EQUITY
HOLDERS.
hertz global holdings stock
SO WE HAVE BEEN A LONG-TIME
INVESTOR IN AVIS AND IN THIS
SPACE AND A FAN OF THE RENTAL
CAR INDUSTRY
AND A TEAM AT SRS HAS DONE A
FANTASTIC JOB OF REMAKING AVIS'S
BOARD AND MANAGEMENT, AND,
UNFORTUNATELY, HERTZ'S BALANCE
SHEET IN THE PANDEMIC WAS NOT
NEARLY AS FLEXIBLE AS AVIS OR AS
ENTERPRISE AND SO THEY HAD TO GO
INTO BANKRUPTCY FOR LIQUIDITY
REASONS.
WHAT IS CLEAR COMING OUT OF THE
AUCTION IS THAT THERE IS
SIGNIFICANT EQUITY VALUE AND
WE'RE CERTAINLY PROUD TO HAVE
TEAMED TOGETHER WITH DISCOVERY
TO SEASON ALTA AND OTHERS TO
ADVOCATE ON BEHALF OF ALL
SHAREHOLDERS THAT THEY RECEIVE
THEIR PROPER PARTICIPATION IN
THE NEW PLAN AND IN THE NEW
COMPANY.
>> YOU MENTIONED HOW THESE
THINGS CAN GENERALLY AND
HISTORICALLY TURN OUT.
I SPOKE WITH ANOTHER PERSON
EARLIER TODAY WHO WAS INVOLVED
IN THIS PROCESS WHO DESCRIBED
THE SHAREHOLDERS WINNING AS,
QUOTE, TRULY HISTORIC.
hertz global holdings aktie
DO YOU SEE IT THAT WAY AS WELL
FOR WHAT MANY PEOPLE THOUGHT
COULD HAPPEN THE OTHER WAY
>> I THINK THAT WE WERE A LITTLE
TAKEN ABACK THAT THE ADVISORS TO
HERTZ SEEMED TO PRIORITIZE SPEED
OVER FAIRNESS.
AGAIN, WE -- WE APPRECIATE THE
FACT THAT THE, YOU KNOW,
CENTERBRIDGE, WARBERG AND DUNDON
GROUP PUT IN A LOT OF TIME AND
EFFORT AND PRESENTED A
CREDITABLE PLAN TO MOVE HERTZ
FORWARD.
BUT THERE IS NOT, WAS NOT AND
NEVER WAS AN URGENCY THERE WAS A
FIVE-DAY OR 15-DAY DEADLINE THAT
THE COMPANY NEEDED TO EMERGE OR
IT WOULD SOMEHOW BE DAMAGED.
WE ARE IN A UNIQUE TIME WHERE
THE TRAVEL ECONOMY WENT THROUGH
CLEARLY A HIGHLY DISRUPTIVE
EVENT THAT IS REPAIRING AT QUITE
A RAPID RATE
I MEAN ONE OF THE THINGS THAT
PEOPLE HAVE BEEN TALKING ABOUT
TODAY IS HOW HOT CPI WAS
IN PART IT WAS HOT BECAUSE
AIRFARES HAVE GONE UP
DRAMATICALLY
TRAVEL HAS RECOVERED
DRAMATICALLY
SO WE KNOW THAT WE WILL SEE THIS
RESUMPTION IN BOTH LEISURE
TRAVEL, WHICH HAS BEEN STRONGER
THAN PEOPLE ANTICIPATED, AND
ULTIMATELY CORPORATE TRAVEL.
WE HAVE A UNIQUE SITUATION WHERE
ON THE ONE HAND OUT OF
SELF-INTEREST WE HAD SOME
CREDITORS THAT OBVIOUSLY WOULD
LOVE TO HAVE KEPT NOT ONLY 100%
OF THEIR CLAIMS BUT 110% OF
THEIR CLAIMS IF THEY COULD KEEP
ALL OF THE EQUITY AND GET OUT
THE DOOR
AT THE SAME POINT IN TIME WE HAD
A RAPIDLY REPAIRING TRAVEL
ECONOMY, THAT'S WHY A GROUP OF
US GOT TOGETHER SIX WEEKS AGO IN
ORDER TO ADVOCATE ON BEHALF OF
THE COMMITTEE.
I THINK IT IS ALSO IMPORTANT TO
NOTE THAT THE WINNING GROUP,
NIGHT HEAD, CERTARES AND APOLLO,
ALSO BROUGHT SIGNIFICANT
SYNERGIES AND STRATEGIC BENEFIT
TO THE TRANSACTION THAT CREATES
INCREMENTAL VALUE AND REALLY PUT
IN OUR EYES, PUT THAT BID OVER
THE TOP AND BRINGS THE
ADDITIONAL VALUE NOT ONLY TO THE
EQUITY HOLDERS IN TERMS OF THEIR
RECOVERY BUT AN IMPORTANT PART
OF THE PLAN IS THAT INVESTORS IN
HERTZ DO HAVE THE RIGHT TO
INVEST ADDITIONAL CAPITAL TO
EQUITYIZE THE COMPANY COMING OUT
OF BANKRUPTCY.
hertz global holdings inc
THE PLAN VALUE IS AT SEVEN TIMES
2023 EBITDA.
I KNOW THE COMPANY WILL BE
ANXIOUS TO PUT FORTH INFORMATION
ABOUT WHY THEY'RE SO EXCITED
WITH THE PLAN.
OUR OWN WORK DOES INDICATE
THERE'S PROBABLY SOME UPSIDE AND
BASIS FOR OPTIMISM FOR THE PLAN.
AND, THEREFORE, IT WAS CERTAINLY
OUR PLEASURE TO BE ABLE TO
COMMIT TO THE BILLION SIX RIGHTS
OFFERING, WE CONTRIBUTED A
SIGNIFICANT AMOUNT OF MONEY TO
TH IE RIGHTST WILL O
F
G,BE
