Recent Updates — HTZ
Hertz Global Holdings entered into a joint venture arrangement with investors including Cohen Private Ventures, Certares Opportunities LLC, and Knighthead Capital Management. The investors purchased Class A Common Units representing 50% of the voting rights and approximately 15.86% of the economic interest in Oro Mobility Holdings for $80.89 million. Concurrently, Hertz repurchased approximately $51.1 million principal amount of its 8.000% Exchangeable Senior Second-Lien Secured Paid-in-Kind Notes due 2029 from these investors for $20.86 million, a 60% discount to par value. The transaction establishes Oro as a standalone growth platform focused on driver-led and autonomous mobility models, with Hertz retaining majority economic ownership and providing fleet services under a new agreement.
The board of Hertz Global Holdings appointed Joseph R. Hinrichs as a Class I director effective October 9, 2026. He will serve on the Audit and Risk Committee and receive standard non-employee compensation: an annual grant of restricted stock units valued at $175,000 and a cash retainer of $100,000. Hinrichs has entered into a standard indemnification agreement with no side arrangements or related-party transactions disclosed. Hertz operates in the car rental industry.
On October 1, 2026, Hertz Global Holdings announced the resignation of directors Francis S. Blake, Lucy Clark Dougherty, and Thomas Wagner from their respective Class I and II board seats. The Board simultaneously appointed Robert Davis, Nils Larsen, and Adam Zirkin as new directors to fill these vacancies. The departing directors cited no disagreements with company operations or policies. New appointees Robert Davis and Nils Larsen will receive standard non-employee director compensation of $175,000 in restricted stock units and a $100,000 annual cash retainer each. Adam Zirkin, associated with Knighthead Capital Management, will receive nominal compensation of $1.00 per year. Hertz Global Holdings operates in the vehicle rental industry.
Hertz Global Holdings, Inc. reported financial results for the quarter ended June 30, 2026. Revenue totaled $2.4 billion, a 10% increase year-over-year, driven by record second-quarter revenue per day (RPD) excluding pandemic peaks. GAAP net income was $64 million with diluted EPS of $0.05, while adjusted corporate EBITDA rose to $81 million, exceeding revised guidance. The company ended the quarter with approximately $984 million in liquidity and noted that its U.S. core fleet is now 94% model year 2025 and 2026 vehicles. Hertz also highlighted progress in its Oro Mobility affiliate, which has completed over six million miles and is preparing for an autonomous vehicle partnership with Uber later this year. Hertz Global Holdings, Inc. operates as a leading global car rental and mobility solutions provider.
Following the June 29, 2026, issuance of $350,000,000 in 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030 by subsidiary The Hertz Corporation, plus an additional $30,000,000 in notes from an option exercise settled on July 10, 2026, the company triggered an anti-dilution provision in its public warrant agreement. This adjustment decreased the public warrant exercise price from $13.61 to $12.81 per share. Simultaneously, the number of common stock shares entitled to a warrant holder upon exercise increased from 1.0140 to 1.0772 shares. Hertz Global Holdings, Inc. operates in the vehicle rental and transportation industry.
The Hertz Corporation completed an offering of $350,000,000 in 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030. The notes bear interest at 6.75% per year, consisting of 3.375% cash and 3.375% PIK interest, payable semi-annually. The initial exchange rate is 279.5248 shares of common stock per $1,000 principal amount, representing an initial exchange price of approximately $3.58 per share. Hertz Global Holdings, Inc. operates in the vehicle rental industry.