Hertz Global Holdings Inc. (HTZ) has reached an interim $650 million deal with a creditor group that has been fighting the rental-car company's plan to reduce the size of its leased fleet, mostly idled amid the coronavirus pandemic, The Wall Street Journal reported Tuesday ( ). The resolution between Hertz and its asset-backed securities lenders and their representatives is effective at least through the end of the year, the newspaper said, citing a filing in bankruptcy court. Hertz filed for bankruptcy in May and has said it wanted to cut down its fleet size. Hertz shares are down 91% this year, compared with losses of 6% for the Dow Jones Industrial Average and contrasting with gains of 0.8% for the S&P 500 index in the same period. Hertz last month pulled out of a planned and controversial stock offering. ( )
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 21, 2020 17:30 ET (21:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.