Hertz and Avis
Discussion on corporate capital structures, securitization structures, and the impact of coronavirus on their business and ability to raise liquidity.
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Apr 28, 2020 • 13min
Covenants: Hertz, Avis and Liquidity (April 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.
