(Bloomberg) — Creditors to Hertz Global Holdings Inc. are organizing across at least two groups, bracing for potential negotiations with the car rental company over its billions of dollars of debt that comes due over the next few years, according to people familiar with the matter.
A consortium of secured lenders is working with Evercore Inc. and Gibson Dunn & Crutcher, said some of the people, who asked not to be named because the information is private. Meanwhile, Canadian-based Canso Investment Councel Ltd., which holds secured and unsecured debt, is part of a group that has retained Houlihan Lokey Inc. and Ropes & Gray, other people said.
The company, which filed for bankruptcy in 2020, is working with PJT Partners to extend the maturities of its obligations, Bloomberg previously reported. Hertz has about $6 billion of non-vehicle debt, with many securities trading at deeply distressed levels, and another $12.7 billion in vehicle debt. It has about $2.7 billion in loans due in 2028, then more in the following two years.
Representatives for Hertz and PJT declined to comment. Messages left with Canso, Evercore, Gibson, Houlihan and Ropes were not immediately returned.
Hertz in August reported better-than-expected earnings for the second quarter, disclosing $2.4 billion of revenue, up 10% from a year earlier. Hertz ended the quarter with $984 million of liquidity, which includes cash and cash equivalents and the available capacity under its revolving credit facility.
Still, the company is contending with challenging conditions for the rental-car business, namely softness in the used-vehicle market, higher gasoline prices and inflation that’s squeezing Americans’ disposable income.
Hertz’s shares traded at $2.19 as of 14:30 p.m. Wednesday in New York, rising 6%. In August, the stock touched $1.45, the lowest since it was relisted in 2021 after the company emerged from the bankruptcy it filed at the onset of the Covid pandemic.
The company’s $1.2 billion term loan due in June 2028 is quoted at around 59.625 cents on the dollar, according to data compiled by Bloomberg.
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