⁍ Hertz obtained court approval to tap a $1.65 billion loan that will fund operations during its bankruptcy proceedings.
⁍ The proceeds of the loan will be used for working capital and other general corporate purposes.
– A bankruptcy judge has approved a $1.65 billion loan that will allow Hertz to continue operating as a going-concern during its Chapter 11 proceedings, the Wall Street Journal reports. The loan, which was approved by Judge Mary Walrath of the US Bankruptcy Court in Wilmington, Delaware, will be used for working capital and to buy new and used vehicles, according to Westlaw Today. Hertz filed for bankruptcy in March.
Source: https://www.reuters.com/article/bankruptcy-hertz/hertz-bankruptcy-judge-approves-165-billion-loan-idUSL1N2HK31S