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Global head of distressed and restructuring Max Frumes, distressed credit analyst Larry Feldman, and senior reporter Sasha Padbidri discuss Hertz's return to financial trouble due to EV investments and new debt. They explore the challenges faced by Hertz, including their transition to EVs, disputes over warrant issuance, and the uncertainties surrounding the company's turnaround plan.
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Quick takeaways
- Hertz faced challenges with its EV fleet leading to heavy losses and financial uncertainties.
- Investors evaluated Hertz's capital structure focusing on high cap stack bonds for favorable terms and uncertainties.
Deep dives
Hertz Electric Vehicle Missteps and Financial Struggles
Hertz faced significant challenges with its electric vehicle fleet, particularly regarding the purchase of Teslas at peak prices and subsequent heavy losses when selling them, leading to a 20% hit amid declining EV demand and high maintenance costs. Additionally, a lawsuit from Discovery Capital over warrants triggered further financial concerns with a potential liability exceeding 1.7 billion, adding uncertainty to Hertz's financial situation.
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