Airport Car Rental Collapse Forces Hertz to Seek Bankruptcy Loan

Airport car rental volumes were nearly wiped out during Hertz's (NYSE: HTZ) second quarter, forcing the rental giant to seek debtor-in-possession financing to survive. As a result, Hertz will pursue new financing schemes, including debtor-in-possession loans and vehicle financing options. Hertz had tried to sell $500 million worth of stock in June, but the offer to sell what would have been virtually worthless stock drew the attention of the SEC, which made Hertz to withdraw the offer.