Hertz abandons plan to sell new shares
Bankrupt Hertz Global Holdings Inc. said in a filing Thursday that its board's finance committee determined it was "in the best interests" of the company to end the plan to sell newly issued stock. Shares of Hertz were halted ahead of the announcement, which follows news on Wednesday that plan was put on hold pending a review by regulators. Hertz filed Monday to sell up to $500 million in shares that would potentially become worthless during the company's restructuring. Hertz filed for bankruptcy on May 22. Earlier Thursday, the Wall Street Journal reported that Hertz was in talks withlenders to get a loan to fund its bankruptcy reorganization. The stock resumed trading late in the session, and was most recently down 6%.
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