Hertz (HTZ) creditors hire Evercore and Houlihan Lokey as the company tries to extend its debt, October 2026

Hertz Global Holdings (NASDAQ: HTZ) creditors have formed at least two groups and hired advisers ahead of possible talks over billions of dollars of debt that comes due over the next few years, Bloomberg reported on Wednesday, October 7, 2026. The report reached the MoveSurge news feed at 14:46:26 ET with Hertz at $2.135, up on the day. The stock was at $2.12 a minute later, at $2.075 after ten minutes, down 2.81%, and at $2.0777 after fifteen, down 2.68%; earlier in the session it had reached $2.24. It closed at $2.07, up 0.49%.

Who has hired whom

On September 30 Bloomberg reported that Hertz had hired PJT Partners and approached debt investors about an amend-and-extend, a deal in which lenders agree to push maturities later, usually in return for higher interest, more collateral or other terms. Lenders hire their own bankers and lawyers so that each group can negotiate as a block over what it gives up and what it receives. Canso, a Canadian investment firm, sits in both the secured and unsecured debt, and a June analysis by CreditSights' Covenant Review found that its consent is required for any additional notes issued under the indentures for Hertz's secured 2029 notes, which gives that group a say over new secured borrowing.

What Hertz owes

At June 30, 2026 Hertz had $18.75 billion of debt. Of that, $12.71 billion was vehicle debt backed by the rental fleet and $6.04 billion was non-vehicle corporate debt, which is what the creditor groups hold. About $2.7 billion of loans come due in 2028, with more in the two years after, and Bloomberg data quoted the $1.2 billion term loan due June 2028 at about 59.625 cents on the dollar, a price at which lenders are discounting the chance of being repaid in full. Liquidity was $984 million at the end of June.

The business has not produced positive corporate earnings over the past year. Second-quarter adjusted corporate EBITDA was $81 million, but the trailing twelve-month figure was negative $59 million, so the 2028 maturities depend on refinancing or an extension rather than on cash from operations.

Hertz in 2026: the events that led here

1. June 24 and 25: Hertz cut its second-quarter adjusted EBITDA guidance to $50 million to $80 million and sold $350 million of 6.75% exchangeable first-lien notes due 2030, half paid in cash and half in kind, alongside 37,037,037 borrowed shares sold at $2.70. A $30 million option exercised in July took the notes to $380 million.
2. August 6: second-quarter revenue rose 10% to $2,396 million, with net income of $64 million and an adjusted net loss of $47 million.
3. August 13: Bloomberg reported that Pershing Square had sold its Hertz stake, with its chief investment officer saying the firm had lost confidence in management after the June financing. The shares fell 16.25% to $2.35 that day.
4. September 30: Bloomberg reported Hertz had hired PJT Partners to extend its debt.
5. October 6: the shares rose 15.08% to $2.06.
6. October 7: Bloomberg reported the two creditor groups and their advisers.

Hertz has not commented on either report. It is scheduled to report third-quarter results on November 5.