What Crazy Development Has Hertz Driving 13% Higher Today?

Daniel Miller, The Motley Fool
·2 min read
What Crazy Development Has Hertz Driving 13% Higher Today?
What Crazy Development Has Hertz Driving 13% Higher Today?

Let me be clear that in all likelihood, these Hertz shares will end up worthless, but until the company is delisted or bankruptcy negotiations are complete, the stock will be subject to wild volatility. Currently, some traders are speculating that the stock could receive a near-term boost tomorrow if Hertz's proposed debtor-in-process (DIP) financing worth roughly $1.65 billion is approved by the U.S. Bankruptcy Court. Remember: The company is deemed an essential business, and as such is operating on its cash on hand while the bankruptcy process plays out, rather than shutting its doors when it originally filed for bankruptcy in May.