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Monday, 27 July 2020 21:07

Hertz Settlement Calls for Disposal of 182,521 Vehicles

Written by ARN staff

Hertz Global Holdings has reached an interim settlement with debtors to suspend litigation related to the car rental company’s plan to reduce its leased fleet of rental cars, according to an SEC filing on July 24.

Under the terms of the agreement, Hertz agrees to pay $650 million of rent in equal monthly installments from July to December of this year and dispose of at least 182,521 leased vehicles between June 1 and Dec. 31.

 

In return, litigation relating to the leases under the asset-backed finance facility (ABS) will be suspended.  

 

We thank Auto Rental News for reprint permission. 

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