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Westlaw News

Hertz creditors decry proposed $1.65 billion bankruptcy loan

Hertz junior creditors are questioning the car rental company’s proposed $1.65 billion bankruptcy loan, saying the terms of the deal are overly beneficial to lenders and that a competing offer may be on the table in the next few days.

The company’s unsecured creditors’ committee, represented by Kramer Levin Naftalis & Frankel, raised its objections in court papers filed on Friday in the U.S. Bankruptcy Court for the District of Delaware. Hertz’s request for the loan comes five months into its Chapter 11 case, which it filed with $19 billion in debt as travel demand plummeted amid the COVID-19 pandemic.

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