Octus Radio Covenants: Hertz, Avis and Liquidity (April 28, 2020)
Apr 28, 2020
Hertz and Avis discuss their capital structures, securitization, and the impact of coronavirus on their business. Loosely drafted debt covenants allow them to raise liquidity. Challenges faced due to declining car prices and the need for credit enhancement. Loopholes in debt documents enable securing additional debt.
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