Shares of Hertz Global Holdings, Inc. (HTZ) tumbled 5.09% in after-hours trading on Thursday, following reports that the car rental giant is eyeing a $500 million debt raise. The company is reportedly seeking to secure these funds ahead of an anticipated litigation payment, according to Bloomberg News.
The potential debt increase has sparked concerns among investors about Hertz's financial health and its impact on shareholder value. This move suggests that the company may be facing significant legal liabilities, the details of which have not been fully disclosed to the public.
Hertz's decision to raise debt for litigation purposes comes at a time when many companies in the travel and transportation sectors are still recovering from the impacts of the global pandemic. The after-hours stock plunge reflects investor unease about the company's financial strategy and the potential long-term implications of this additional debt burden.
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