Hertz eyed after bankruptcy news; United Airlines notes higher on positive sentiment

By James McCandless

San Antonio, May 26 – The Tuesday session in the distressed debt space was marked by positive sentiment.

Hertz Global Holdings, Inc.’s notes varied in direction after the company filed for bankruptcy late last week.

The 6¼% senior notes due 2022 lost 2½ points to close at 15¾ bid. The 5½% senior notes due 2024 gained 2 points to close at 15½ bid.

Late Friday, the Estero, Fla.-based car rental company announced that it had filed for Chapter 11 bankruptcy, Prospect News reported.

The company’s European, Australian, New Zealand and franchised locations are excluded from the filing.

At the time of the filing, Hertz said that it had $1 billion in cash on hand.

Meanwhile, United Airlines Holdings, Inc.’s issues were carried higher on positive market sentiment toward the prospects of economic recovery.

The 4¼% senior notes due 2022 improved by 4½ points to close at 81½ bid. The 5% senior notes due 2024 jumped up 5¼ points to close at 76 bid.

The Chicago-based air transportation name’s structure saw a sixth straight day of positivity as the market expresses its optimism on the economy as coronavirus restrictions continue to be lifted.

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