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Hertz may be on the verge of liquidation

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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.

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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.

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5-star hotels lead the way in the restoration of Portuguese tourist sites

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5-star hotels lead the way in the restoration of Portuguese tourist sites

In October, the number of overnight stays in 5-star hotels increased by 15.9% compared to the same month in 2019, which, according to additional information, namely from the DMC (Tourist Inception Agency), is associated with a strong increase in tourism from the United States. states.

Information published today by INE indicates that in October, compared to the same month before the pandemic, the number of overnight stays in tourist establishments in Portugal increased by 6.2%, with the strongest increase in hotels, at 8.2%. in which, therefore, 62.1% is concentrated. overnight stays.

The information shows that 4-star hotels, where the largest number of beds are concentrated, had 48.9% of overnight stays in October, totaling 2.05 million, which is +7.6% or more than 144.7 thousand than in October 2019.

This was followed by 3-star hotels with 927.3k, but this increase was about half of 5-star hotels, by 7.6% or 65.5k, to 927.3k, and then 5-star hotels with 857. 4 thousand overnight stays, an increase of 15.9%. or 117.6 thousand compared to the same pre-pandemic month.

In contrast to the evolution in these categories, there were 2- and 1-star hotels, in which the number of overnight stays decreased by 2.7%, or ten thousand, to 360.8 thousand.

The cheapest apart-hotels (three and two stars) also saw a decrease in overnight stays, from -20.9% or less than 24.4 thousand, in hotels and farms in Madeira, from -0.4% or less, to about 300, and in tourist settlements, from -7.7. % or less than 17.5 thousand.

At the same time, the number of apart-hotels increased by 1.2%, or 8.5 thousand, to 717.5 million, due to the increase in 5-star hotels by 6.7%, or 6.6 thousand, to 104.9 thousand, and 4-star, by 5.4 thousand% or 26.4 thousand to 519.9 thousand.

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Overnight stays in tourist apartments also increased by 3.2%, or 13.6 thousand, to 437.8 million, local accommodation, by 0.6%, or 5.5 thousand, to 901.2 thousand, and , primarily tourism in rural areas and housing, with an increase of 45.2% or 67.3 thousand to 216.5 thousand people.

The INE data also shows that Portuguese tourist sites were the best in October in terms of overnight stays this year, with peaks achieved by 5-, 4- and 3-star hotels, 5- and 4-star apartment hotels, accommodation . and rural tourism and housing development.

See also:

The US market is already setting new annual records in Portuguese hotels

The Portuguese hospitality industry experienced the best October in terms of number of guests and overnight stays.

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Government approves strategy to combat “Portuguese underrepresentation” in Brussels

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Government approves strategy to combat "Portuguese underrepresentation" in Brussels

This afternoon the Council of Ministers will approve a national strategy to combat what it considers “underrepresentation de Portugal” in European institutions, in particular the European Commission.

“There is a significant shortage of Portuguese, especially those working for the Commission,” explains the Secretary of State for European Affairs in statements to Renaissance🇧🇷 The problem, according to Thiago Antunes, is not limited to middle management: “This is the first time Portugal does not have a CEO in the European Commission”.

The government wants to “correct this imbalance and fight this deficit in order to win.”ability to influence in decisions.” But it is not possible to increase the number of vacancies for the Portuguese, if only because there are no national quotas for employees working in institutions.

To go to Brussels or even work in Portugal on a full-time basis, you need to pass a series of tests prepared by EPSO (European Personnel Selection Office). 🇧🇷These are very difficult competitions.with very concrete evidence,” the official explains.

The strategy will be based on several pillars: training, increasing grants and encouraging the mobility of civil servants. The Portuguese government is going to create a national training center to “better prepare our candidates for competitions”; to bet on “dissemination of opportunities; increase the balls (by quantity and value); and create a statute that allows those who work in the public administration of Portugal to move into the European public administration.

The aim is to achieve “greater representation” in the European Commission in order to have “greater influence” on the decision. Although the strategy is to strengthen the Portuguese presence in Brussels and the employees do not work for Portugal.it doesn’t matter that they are portuguese“, he defends.

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Fruits may not appear early or may not even be measurable. “It will take some time until we see results,” admits the former secretary of state to the prime minister. But the wait does not stop the Portuguese government. “We have to start right now,” Thiago Antunes insists, pointing to the demographic problem among those working in Brussels. “There are a lot of Portuguese who came in at the time of our accession and are now retiring.”

The strategy aims to reverse the cycle of loss of Portuguese representation among the 27. The diploma will be approved this Wednesday in the Council of Ministers.

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“His manager is Portuguese and…”; The agent changes plans, and Luis Castro “arranges” the problem in the protection of “Botafogo”

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"His manager is Portuguese and...";  The agent changes plans, and Luis Castro "arranges" the problem in the protection of "Botafogo"

Botafogo

The defender must return from loan ahead of schedule, and the Glorioso coach will have to make a decision at the beginning of the preseason.

Photo: Jorge Rodriguez/AGIF.  First, Luis Castro does not have Diego Loureiro for 2023.
Photo: Jorge Rodriguez/AGIF. First, Luis Castro does not have Diego Loureiro for 2023.

With the end of the season Botafogo its reformulation is already underway with the participation of Luis Castro. Names like Carlinhos, for example, have already left General Severiano, but there is a tendency for the “purge” to continue a little longer. Especially with the return of borrowed athletes during the year.

goalkeeper case Diego Loureiro, who played on loan at Atlético GO, promoted to Serie B. Curiously, the Botafogo archer has a contract at Goiania until the end of 2023, but Dragao president Adson Batista is pessimistic about the player’s consistency.

“Diego Loureiro is a bit off because he still has a contract with Botafogo, his manager is Portuguese and he has a different vision.” said the director in an interview with radio Sagres from the capital of Goiás.

The goalkeeper played only two games for Atlético-GO, who were betting on Renan in the starting lineup. If he returns to Rio, Loureiro will likely see high competition in the black and white net as Luis Castro now has alternatives to Gatito Fernandes and Lucas Perry.

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