Hertz may be on the verge of liquidation

Published

4 years ago

May 22, 2020

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.

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.

Goodwin Townsend

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Portuguese historical films will premiere on 29 December.

Published

1 year ago

December 20, 2022

Herb Adkins

Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Herb Adkins

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

Published

1 year ago

December 20, 2022

Herb Adkins

CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

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Herb Adkins

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Published

1 year ago

December 19, 2022

Herb Adkins

Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.