Connect with us

Top News

Hertz may be on the verge of liquidation

Published

on

Hertz may be on the verge of liquidation

Carl Icahn’s car rental company, Hertz, may slip into liquidation, The Post has learned.

102-year-old Hertz – known for knocking O.J. Simpson as his spokesman in the 1970s – could file for bankruptcy in the coming days related to the payment of slow guarantees that would be due on Friday.

As The Post reported earlier, company executives had tried to delay payments of around $ 500 million – related to the impairment of 500,000 Hertz cars – until after the coronavirus crisis had passed. But so far they have failed to get enough creditors.

Meanwhile, financiers and Wall Street analysts who calculate the numbers say the former leader of the category might be more valuable if sold in part. If a senior lender holding about $ 3.4 billion in debt agrees, Hertz can be forced into liquidation even if he plans to continue operating with the approval of the lender through Chapter 11, the source said.

“It might be in the interest of senior creditors to liquidate,” said a Wall Street researcher. “I think that is a real different possibility.”

The researcher thinks Hertz creditors can get more than $ 2 billion through sales in small increments, including two profitable business units – the Donlen division, which manages a fleet of vehicles for large companies such as Anheuser-Busch and PepsiCo, and European car rental companies.

Other assets, including real estate, trademarks and car fleets, could print another $ 750 million – totaling $ 2.25 billion, or 66 cents for senior lenders, researchers said.

Researchers are asked to remain anonymous because the company has a stake in Hertz’s bankruptcy, but Jefferies analyst Hamzah Mazari also believes Hertz creditors can earn a little money from selling parts of the company.

See also  Elon Musk's SpaceX raises $1.9B in funding

While Mazari’s total number is more conservative – at $ 1.6 billion – it is still more than expected by creditors. “I think liquidation is a possibility,” the analyst told The Post.

Hertz, who boasts Icahn as a 39 percent stakeholder, can also find buyers for the whole policy, but with the industry in the tank during a pandemic, it may be difficult to find someone who is willing to pay more to please creditors.

“At the moment, I don’t think anyone will write the check,” Hertz lender told The Post, adding that at least $ 1.5 billion would be needed for creditors to approve the deal. “Whether someone will invest depends on what is happening in the economy.”

Hertz generated about $ 650 million in profit before tax, interest, depreciation and amortization in 2019, but is expected to produce far less in the coming months and even years because its customers, including many companies, have been severely hampered by coronavirus outbreaks.

The European car rental company, Sixt, has been looking to expand in the US and could be a logical applicant, sources said. Sixt could also try to buy the Hertz trademark from bankruptcy at a much lower cost, sources added.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top News

PAN wants to abolish fees for teaching Portuguese abroad

Published

on

PAN wants to abolish fees for teaching Portuguese abroad

O PAN has submitted a draft to Parliament to stop collecting tuition/entry fees for young Portuguese and descendants of Portuguese who attend or will attend Portuguese language teaching abroad.

The diploma, which was presented this Wednesday to the Assembly of the Republic, refers to a petition signed by 4,524 people that was delivered to Parliament in the previous legislature. Petition titled “Portuguese for all! Concerning the right of our children and young people to study Portuguese abroad, it proposes to “protect and strengthen the teaching of Portuguese among children and young people of Portuguese and Portuguese living abroad”.

PAN understands that the formal learning of the Portuguese language by Portuguese children and young people living abroad is “more than the right of these children and young people, is the responsibility of the state” and is a way to ensure the continuity of “Portuguese across borders”.

“Petition No. 168/XIV/2.ª gives the Assembly of the Republic the opportunity to review the state of the official network of teaching Portuguese abroad for the Portuguese and the descendants of the Portuguese, as well as to consider its problems and the causes of these problems. “, – says PAN.

The party, led by Inés Sousa Real, warns of “a small number of students studying Portuguese abroad” and justifies this fact with “mandatory attendance rates applicable to all students”.

“Currently, the school has about 20,000 students, which is a third of what it was in 2008. This situation is largely justified by the fact that in the 2012/2013 academic year there was a mandatory attendance rate for all students, which meant revenge on the idea that there are constitutional rights for the Portuguese community abroad, but they can only be exercised if they are paid, which is regrettable,” the document says.

See also  Musical Lin-Manuel Miranda Comes to Streaming

PAN also reports that even during the pandemic, students had to continue paying tuition fees “despite being unable to attend remote classes due to a lack of necessary resources.”

“In the previous legislature, the PAN at the headquarters of the Education Commission requested the Minister of Education for the designation of the revenues generated from the collection of tuition fees, but never received a clear answer,” the party points out, also mentioning that he had already submitted a draft resolution about the abolition of tuition/registration fees for these young people who are “only not moving forward due to the dissolution of the Assembly of the Republic”.

“As part of this initiative, PAN, in an effort to address this clearly defined problem, is proposing to abolish tuition fees for all Portuguese and Portuguese young people who attend or will attend Portuguese language teaching, from January 1, 2023, as this makes no sense in constitutional law payable, and that students have to pay for what is already funded by the Portuguese state,” the document says.

See also: BE wants to irrigate golf courses only by reusing wastewater

Always be the first to know.
6th year in a row Consumers Choice and Five Star Award for Online Press.
Download our free app.

Continue Reading

Top News

What Makes Professional AV Solutions the Top Priority in Business Meetings

Published

on

Do you need someone to get you the most promising professional AV control solutions but don’t know specifically when the market is overflowing with choices? Well, don’t you worry anymore because we have tons of choices right at your disposal for the best experience, be it for your office or even for educational purposes.

A professional AV solution’s major work is to ensure that you can have a one-of-a-kind experience, and this stands not only for meetings but even for presentations.

The AV solution is one where there is a huge display, and each of the members in the room can see and hear the deeds of the presentation very easily. Not only that, it is different from the monotonous lectures and adds a bit of spark, making people more engaged. After all, visual aids are always great for a better impact.

Affordable AV Solutions with Biamp Systems

However, the problem many people face at this juncture is that they do not end up finding someone who offers quality services and that too by not charging a bomb. It could be difficult to shell out a lot of money for the initial setup or maintenance; hence, finding someone affordable is very important. Biamp Systems ensures you have the most amazing experience, and that too by not having to spend too much.

The idea always has been to provide the best of services close price range. However, this has not come in the way of the high quality; that is what they have taken up as a motto. If you want good services at a price range that is convenient for everyone, then Biamp Systems is the name that you should believe in.

See also  The pain and the possibility of bankruptcy is a celebration of gay pride

Conclusion

So, if you want to offer a great audio-visual meeting experience to all the participants from different geographical locations, you must opt for professional AV Solutions today. Connect with team Biamp Systems and place your order.

Continue Reading

Top News

Portuguese club sign Matheus Pereira from Cruzeiro

Published

on

Portuguese club sign Matheus Pereira from Cruzeiro

Credit: Bruno Haddad / Cruzeiro

Boavista received a positive response from Cruzeiro for the final transfer of Matheus Pereira. The left-back, first of all, is the request of coach Armando Petit to replace Janis Amas, who is due to leave the club in the coming days.

O Torcedores.com It turned out that the clubs started the exchange of documents this Wednesday morning (29) and the purchase of the defender is in full swing. Now Boavista is looking to get past the red tape to finally announce the signing of the player.

Mateus Pereira has a contract with Cruzeiro until June 2023 and is on loan from Guarani until the end of the current season. The club from Sao Paulo has already been informed that it will lose the left-back in the next transfer window.

Also according to the report, Boavista will invest 3 million euros (16.6 million reais at the current price) to get 60% of the economic rights for four seasons. Cruzeiro, in turn, will keep 40% of the season ticket for future sale.

Mateus Pereira was one of the full backs, according to the Boavista Market Analysis Center, since 2021 I have kept a player in my field of vision. At first, the deal will be on a season-long lease.

However, the Minas Gerais club eventually agreed to negotiations when the Portuguese made the final choice in favor of buying the athlete. Recently, Mateus Pereira received a poll from Braga. However, Cruzeiro was not enthusiastic about this business model.

Matheus Pereira held talks with the club from Rio de Janeiro

Having failed to return to Serie A of the Brazilian championship, Cruzeiro placed Matheus Pereira on the list of “fixed” players. In January, for example, he appeared on the radar to protect Fluminense.

See also  Dwyane Wade debuts red hair transformation with Zaya's daughter

At the direction of Abel Braga, the then tricolor coach, the defender even had a verbal agreement with Fluminense. However, the board backed out of the deal shortly after signing Chris Silva from Sheriff Moldova and Mauricio Pineyda, who was at Barcelona, ​​Ecuador.

Out of coach Paulo Pezzolano’s plans, the left-back was loaned out to Guarani until the end of the current season. Bugre has 23 matches, three goals and one assist. In addition, he is one of the best players in the Brazilian Serie B position.

Matheus Pereira figures

Matheus Pereira, based on the basic categories of Cruzeiro, arrived at Toca da Raposa II in 2017. He belongs to the same generation as goalkeeper Gabriel Braçao, defender Kaka, right-back Vitinho, midfielder Mauricio, striker Cayo Rosa and others.

With these players, Matheus Pereira won the 2018 Under-20 Mineiro Championship. Two years later, coach Adilson Batista promoted the player to the first team, who decided to bet on the first team to form a squad that would play for the first time. in series B.

In two seasons, he established himself as the owner of the left back of Rapos. At the same time, he represented the club in 61 matches, scored one goal and made three assists.

This season, for example, 21-year-old Mateus Pereira has made 23 appearances for Guarani: 12 in Brazil’s Serie B, two in the Brazilian Cup and nine in the Campeonato Paulista. In addition, he scored three goals, provided an assist and spent 2033 minutes on the field.

Highlights: Cruzeiro 2 x 0 Ponte Preta (Serie B). Watch the video!

Continue Reading

Trending