Through a meeting with its lenders, Hertz Global Holdings struck a deal that will allow it to pay $650 million in cash in monthly installments for the rest of 2020. In return, it can sell off at least 182,521 leased vehicles between now and December.
Hertz is only allowed to keep $900 from each car sold, the Journal reported, noting the company is attempting arrange $2 billion in new financing to help get through the bankruptcy.
The number of vehicles it plans to sell has risen since a filing last month in which the company said it wanted to sell about 144,000 vehicles during the restructuring process.
Read the article at The Detroit Bureau.