Hertz Global Holdings
Hertz Global Holdings، hertz global holdings inc stock، hertz global holdings annual report.
hertz global holdings inc stockHIGHS OF THE DAY, UP 45%، Hertz Global HoldingsTHAT SHAREHOLDER GROUP WINNINGTHE AUCTION FOR THE BANKRUPTCOMPANY.ONE OF THOSE SHAREHOLDERS JOINSUS NOWGLEN 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 FG,BE
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