More than 1.65BB dollars coming in. The champagne corks are popping in Estero and Big Bob is salivating as he makes his way to the trough.
8 replies (most recent on top)
This is great news. Now IT can blow more money on Project One or do they have a new name for that c-ap. When will the CEO learn that he's pissing more money away from lame return. The DIP Lenders will be all over it and will make the best decision.
Educate yourself, folks. Don’t be superficial and take the time to read the 8K. Whatever terminology and legal lingo you don’t understand, google it or ask.
Only one winner in all of this. Apollo! Easiest 120 mil ever. They made sure they are top of the repayment list. They know Hertz liquidation brings more cash than their principal + interest, which is why “proceeds from asset sale” is explicitly mentioned in the agreement. So whether Hertz survives or not, their investment is safe even if we burn all the cash.
Which we will. Look at the fairy tale business scenarios in the 8K. We are nowhere near desired ute or revenue. All this does is shifts the inevitable from March to September 2021. Gives us more time to get a new job. Don’t wait until the last moment.
Only fools will celebrate more debt. Hertz is now in debt over $20B. This was only a victory for the day traders that bought the worthless stock in the past few weeks at a buck, and sold today at a couple bucks.
It may be tempting to look at HTZ stock at $2 and think, “well just eight months ago this was worth over $20, so the upside of a business recovery is huge.” Maybe so, but just five years ago, those shares were worth over $65. The trajectory is going the wrong way, and accelerating. There has been no sign of upside, only downside. For employees of this nightmare I can only say its a game of musical chairs and you will end of standing on the breadline soon. So sad for the grunts, because the top 30 leaders in Estero will bail by mid next year once the fire sale starts to payoff the 7.5% DIP loan.
Lets hold off on the celebrations. As we all know Erin is not a good source for information. How many times has she lied to us. We can't trust anything she says. And as for better days ahead most likely for her and the other senior managers. No one is looking out for us.
My GM told me today that I will be getting my merit raise from 2019 now. I am so happy, he also said Hertz is out of the woods and we all will be making more money then ever a year from now. I asked where he heard this and he said here just got off a call with Erin. I just love her, even though everything she says is usually a lie.
Celebrating qualifying for another loan while in bankruptcy isn't really something to be proud of. I'm sure the lender is giving the loan to be first in line to get back it's money and keep earning high interest in the meantime. Taking out a loan to pay bonuses is not a wise investment by anyone unless they're getting something fat in return
Yay more debt!
No doubt the bonus payments will now be made to the undeserving