In recent times, rental car company Hertz Global Holdings Inc (OTCMKTS:HTZGQ) has been in sharp focus among investors and yesterday, the company got another boost after its Plan of Reorganization was confirmed by the Bankruptcy Court.
The actual plan from the company had been accepted by as much as 97% of the shareholders and also unimpairs all the different classes of creditors.
It is a massive development for Hertz Global since the approval from the Bankruptcy Court has paved the way for the company to come out of bankruptcy by the end of this month.
The company is expected to have a much stronger balance sheet when it eventually emerges from bankruptcy. In addition to that, Hertz is also expected to have much bigger flexibility in terms of its finances once the whole process is completed. The coronavirus pandemic had hurt the company’s business considerably and had been the original reason why it had to file for bankruptcy.