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Hertz is slated to receive $1.65 billion in financing as the iconic car rental company navigates bankruptcy during the coronavirus pandemic, which has pummeled the travel industry.
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Pending approval by the federal bankruptcy court in Delaware, Hertz' nearly $2 billion lifeline will support the company as it moves through the next stage of the Chapter 11 process, according to the company.
|HTZ||HERTZ GLOBAL HLDGS||1.97||+0.94||+92.13%|
RENTAL CAR GIANT HERTZ FILES FOR BANKRUPTCY
"This new financing will provide additional financial flexibility as we continue to navigate the pandemic's effects on the travel industry and take steps to best position our business for the future," Hertz CEO Paul Stone said in a statement Friday.