Hertz notes off on Q2 results, financing news; Occidental declines after earnings

By James McCandless

San Antonio, Aug. 11 – As the distressed debt session came to a close, travel and energy names saw most of the attention on Tuesday.

Hertz Global Holdings, Inc.’s notes drifted lower after reporting second-quarter results and announcing a search for debtor-in-possession financing.

The 6¼% senior notes due 2022 were docked 1 point to close at 37 bid. The 5½% senior notes due 2024 shaved off ¾ point to close at 37¼ bid.

After the close on Monday, the Estero, Fla.-based car rental company reported earnings results for the second quarter.

The company showed a loss per share of $3.51, wider than the $2.33 loss that was expected by analysts.

Revenues also fell short of expectations at $832 million.

In a Monday filing with the Securities and Exchange Commission, Hertz said that it is now seeking DIP financing for its Chapter 11 bankruptcy process.

Meanwhile, in oil and gas, Occidental Petroleum Corp.’s issues lost ground after reporting earnings, highlighted by a $6.6 billion write-down.

The 2.9% senior notes due 2024 lost ¼ point to close at 94½ bid. The 2.7% senior notes due 2022 gave up ½ point to close at 97 bid.

The Houston-based independent oil and gas producer released a negative second-quarter earnings report after the Monday close.

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