Archive · 8 Oct 2026
Hertz Creditors Organize as Debt Maturities and Negotiations Loom
Hertz owes a lot of money, and some of its lenders are preparing to discuss what happens next.
The lenders have formed at least two groups and hired financial and legal advisers.
Hertz is also working with PJT Partners on extending the time it has to repay some debts.
About $2.7 billion in loans are due in 2028, with more debt coming due in later years.
Hertz reported $2.4 billion in revenue for the second quarter.
It also said it had $984 million in liquidity, which includes cash and available borrowing capacity.
The company still faces challenges from weaker used-car prices, higher gas prices and inflation.
Those conditions may make debt discussions more important.
Hertz creditors have formed at least two groups ahead of possible debt negotiations with the rental-car company.
One secured-lender consortium is working with Evercore and Gibson Dunn; a separate group including Canso has hired Houlihan Lokey and Ropes & Gray.
Hertz is working with PJT Partners to extend obligations, according to an earlier Bloomberg report.
The company has about $6 billion in non-vehicle debt and $12.7 billion in vehicle debt, including about $2.7 billion in loans due in 2028.
Hertz reported $2.4 billion in second-quarter revenue and $984 million in liquidity, while facing pressure from used-car softness, fuel prices and inflation.
- Who
- Hertz Global Holdings and groups of its creditors, including secured lenders and Canso Investment Councel Ltd.
- What
- Creditors are organizing with financial and legal advisers as potential debt negotiations loom; Hertz is working to extend obligations.
- When
- The report was published Wednesday; about $2.7 billion in loans are due in 2028.
- Where
- The stock was trading in New York; one creditor, Canso Investment Councel Ltd., is based in Canada.
- Why
- Hertz has billions of dollars of debt coming due over the next few years and is facing challenging rental-car market conditions.
- Non-vehicle debt
- About $6 billion
- Vehicle debt
- $12.7 billion
- Loans due in 2028
- About $2.7 billion
- Second-quarter revenue
- $2.4 billion, up 10% from a year earlier
- Quarter-end liquidity
- $984 million, including cash and available revolving-credit capacity
- June 2028 term loan quote
- Around 59.625 cents on the dollar
- Share price
- $2.19 at 2:30 p.m. Wednesday in New York, up 6%