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  • February 2022 (Revised March 2022)
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Hertz in Bankruptcy: A Wild Ride in Pandemic Times

By: Samuel Antill, Stuart Gilson and Kristin Mugford
  • Format:Print
  • | Language:English
  • | Pages:32
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Abstract

Hertz filed for Chapter 11 bankruptcy in response to asset-backed securities (ABS) obligations and the COVID-19 pandemic. Enthusiastic Robinhood investors and shrewd negotiating tactics helped Hertz stabilize. Roughly nine months into the bankruptcy, Hertz received several bids to reorganize the company. Now, key Hertz advisors William Derrough and Tom Lauria must decide (i) whether the valuations implied by these bids are high enough, (ii) how they can negotiate higher valuations, and (iii) when to exit bankruptcy.

Keywords

Bankruptcy Reorganization; COVID-19 Pandemic; Insolvency and Bankruptcy; Health Pandemics; Valuation; Capital Structure; Negotiation; Private Equity; Travel Industry; United States

Citation

Antill, Samuel, Stuart Gilson, and Kristin Mugford. "Hertz in Bankruptcy: A Wild Ride in Pandemic Times." Harvard Business School Case 222-064, February 2022. (Revised March 2022.)
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About The Authors

Samuel B. Antill

Finance
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Stuart C. Gilson

Finance
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Kristin W. Mugford

Finance
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Related Work

    • April 2022 (Revised December 2022)
    • Faculty Research

    Hertz in Bankruptcy: A Wild Ride in Pandemic Times

    By: Kristin Mugford, Stuart C. Gilson and Samuel Antill
    • February 2022 (Revised March 2022)
    • Faculty Research

    Hertz in Bankruptcy: A Wild Ride in Pandemic Times

    By: Samuel Antill, Stuart Gilson and Kristin Mugford
Related Work
  • Hertz in Bankruptcy: A Wild Ride in Pandemic Times By: Kristin Mugford, Stuart C. Gilson and Samuel Antill
  • Hertz in Bankruptcy: A Wild Ride in Pandemic Times By: Samuel Antill, Stuart Gilson and Kristin Mugford
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