Hertz notes decline as company hires advisers; Whiting eyed amid restructuring plan

By James McCandless

San Antonio, April 24 – Companies scrambling to stay afloat in several sectors affected by the coronavirus pandemic marked the Friday trading session.

Hertz Global Holdings, Inc.’s notes were seen losing as the company hires restructuring advisers to avoid a bankruptcy filing.

The 7 5/8% senior notes due 2022 cratered 13 points to close at 33 bid. The 5½% senior notes due 2024 dipped 3¼ points to close at 22½ bid.

Late Thursday night, news broke that the Estero, Fla.-based car rental company has hired debt restructuring advisers in order to rework its balance sheet and stave off a bankruptcy filing.

The company currently holds about $17 billion in debt.

Meanwhile, in oil and gas, Whiting Petroleum Corp.’s issues varied after filing a restructuring plan with majority support from its creditors.

The 6¼% senior notes due 2023 shaved off ¼ point to close at 9½ bid. The 6 5/8% senior notes due 2026 gained 1½ points to close at 10½ bid.

During the Friday session, the Denver-based independent oil and gas producer announced that it has entered into a restructuring support agreement with some holders of its 1.25% convertible senior notes due 2020, 5¾% senior notes due 2021, 6¼% senior notes due 2023 and 6 5/8% senior notes due 2026, Prospect News reported.

© 2015 Prospect News.
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