Hertz Gets Unusual Bailout
Video Credit: Wochit News - Duration: 00:38s - Published
Hertz Gets Unusual Bailout
Car rental giant Hertz filed for bankruptcy in May due to the coronavirus pandemic.
On Friday, a judge ruled Hertz can sell $1 billion in new stock to raise money.
The Wall Street Journal reports that traders bought Hertz stock since its bankruptcy.
The company's lawyers cited that volatility as a "unique opportunity" to shore up its coffers.
After the Chapter 11 filing on May 22, shares of Hertz skyrocketed.
The stock flew up Robinhood's list of most popular names.
