In addition to restating 2011 financial statements in June, the Audit Committee of the Hertz Board of Directors has found that the 2012 and 2013 annual and quarterly financial statements must also be restated and can no longer be used.
As part of a separation agreement, Hertz Global Holdings Inc. will pay former CEO Mark Frissora about $10.5 million in cash, which includes his annual bonus for 2013.
Due to the ongoing financial records review for 2011, 2012 and 2013, Hertz Global Holdings has delayed the filing of its second quarter 2014 results.
Hertz Global Holdings Inc.’s Audit Committee of the Board of Directors has found that the financial statements for 2011 can no longer be used and must be restated. In addition, Hertz needs to fix the 2012 and 2013 statements to reflect these errors.
Silvercar, the app-based car rental operation, has completed a $5 million round of financing.
Hertz Global Holdings Inc. plans to file a Form 12b-25 with the Securities and Exchange Commission to obtain additional time to file its annual report on Form 10-K for the year ended Dec. 31, 2013.
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