Hertz Creditors Form Rival Groups Over Billions in Debt
Creditors of Hertz Global Holdings Inc. are organizing into competing groups to negotiate billions of dollars in maturing debt.
Hertz Global Holdings Inc. is facing a potential conflict with its lenders as creditors organize into at least two distinct groups to negotiate billions of dollars in debt maturing over the next few years.
One consortium of secured lenders has engaged Evercore Inc. and the law firm Gibson Dunn & Crutcher for advisory services. In a separate move, Canso Investment Counsel Ltd., a Canadian-based firm holding both secured and unsecured debt, is participating in a different group that has retained Houlihan Lokey Inc. and Ropes & Gray.
These parallel efforts indicate that the car rental company's lenders are bracing for divergent strategies and potential disputes regarding the company's debt obligations.
