Hertz Settlement Calls for Disposal of 182,521 Vehicles
The settlement suspends litigation with debtors. Hertz agrees to pay $650 million and dispose of at least 182,521 leased vehicles by December 31.
Hertz filed for Chapter 11 bankruptcy in May.
Photo via Enjosmith/Flickr.
Hertz Global Holdings has reached an interim settlement with debtors to suspend litigation related to the car rental company’s plan to reduce its leased fleet of rental cars, according to an SEC filing on Friday.
Under the terms of the agreement, Hertz agrees to pay $650 million of rent in equal monthly installments from July to December of this year and dispose of at least 182,521 leased vehicles between June 1 and December 31.
In return, litigation relating to the leases under the asset-backed finance facility (ABS) will be suspended.
Month | June | July | Aug. | Sept. | Oct. | Nov. | Dec. | Total |
Risk cars to sell/sold | 37,353 | 36,524 | 27,616 | 15,438 | 15,450 | 15,433 | 7,089 | 154,903 |
Program cars to return/returned | 11,349 | 1,621 | 3,821 | 5,704 | 1,125 | 1,775 | 2,223 | 27,618 |
Hertz filed for Chapter 11 bankruptcy in May.
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