Hertz’s Interim Agreement with ABS Investors Provides Roadmap For Second Half of 2020
On July 24, 2020, pursuant to an agreed order of the Bankruptcy Court, The Hertz Corporation (Hertz or the Company), the investors in the Series 2013-A variable funding notes (VFNs), and the investors in the medium-term notes (MTNs), agreed to a schedule of vehicle dispositions and rent payments to be made through December 2020 (the Interim Agreement). Hertz’s rental car asset-backed securities (ABS) issuing entity, Hertz Vehicle Financing II (HVF II), issued the VFNs and MTNs. In addition, the hearing on Hertz’s motion to reject a portion of the master lease agreement related to HVF II was adjourned, and may be rescheduled on or after January 15, 2021.
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