Item 7.01 Regulation FD.
As previously disclosed, on May 22, 2020 (the "Petition Date"), Hertz Global
Holdings, Inc. (the "Company", "HGH" or "we"), The Hertz Corporation ("THC") and
certain of their direct and indirect subsidiaries in the United States and
Canada (collectively, the "Debtors") filed voluntary petitions for relief under
chapter 11 of title 11 ("Chapter 11") of the United States Code in the United
States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"),
thereby commencing Chapter 11 cases (the "Chapter 11 Cases") for the Debtors. On
March 2, 2021, the Debtors filed a proposed Joint Chapter 11 Plan of
Reorganization of the Debtors (the "Proposed Plan") and a related proposed form
of Disclosure Statement (the "Proposed Disclosure Statement"). On March 2, 2021,
the Company issued a press release announcing the filing of the Proposed Plan
and Proposed Disclosure Statement. A copy of the press release is furnished as
Exhibit 99.1 to this current report and is hereby incorporated by reference into
this Item 7.01. The information contained in this Item 7.01 and Exhibit 99.1
hereto shall not be deemed to be "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not
be incorporated by reference into any filings under the Securities Act of 1933,
as amended, or the Exchange Act, except as may be expressly set forth by
specific reference in such filing.
Item 8.01. Other Events.
As previously disclosed, on the "Petition Date", the Debtors filed voluntary
petitions for relief under Chapter 11 of the United States Code in the
Bankruptcy Court, thereby commencing the Chapter 11 Cases for the Debtors. The
cases are being jointly administered under the caption In re The Hertz
Corporation, et al., Case No. 20-11218 MFW.
On March 2, 2021, the Debtors filed the Proposed Plan and the related Proposed
Disclosure Statement describing, among other things, the Proposed Plan; the
Debtors contemplated financial restructuring (the "Restructuring"); the events
leading to the Chapter 11 Cases; certain events that have occurred or are
anticipated to occur during the Chapter 11 Cases, including the anticipated
solicitation of votes to approve the Proposed Plan from certain of the Debtors'
creditors and certain other aspects of the Restructuring. The Proposed Plan and
Proposed Disclosure Statement, as well as other court filings and information
about the Chapter 11 Cases, can be accessed free of charge at a website
maintained by the Company's claims, noticing, and solicitation agent, Prime
Clerk LLC, at https://restructuring.primeclerk.com/hertz, or call (877) 428-4661
(toll-free in the U.S.) or (929) 955-3421 (from outside the U.S.).
Neither the Debtors' filing of the Proposed Plan and Proposed Disclosure
Statement, nor this Current Report, is a solicitation of votes to accept or
reject the Proposed Plan. Votes on the Proposed Plan may not be solicited until
a disclosure statement has been approved by the Bankruptcy Court. Any such
solicitation will be made pursuant to and in accordance with applicable law,
including orders of the Bankruptcy Court. The Proposed Disclosure Statement is
being submitted to the Bankruptcy Court for approval but has not been approved
by the Bankruptcy Court to date.
Information contained in the Proposed Plan and the Proposed Disclosure Statement
is subject to change, whether as a result of amendments or supplements to the
Proposed Plan or Proposed Disclosure Statement, third-party actions, or
otherwise, and should not be relied upon by any party. The documents and other
information available via website or elsewhere are not part of this Current
Report and shall not be deemed incorporated herein.
Cautionary Statement Concerning Forward-Looking Statements
This Current Report contains "forward-looking statements" within the meaning of
federal securities laws. Words such as "expect" and "intend" and similar
expressions identify forward-looking statements, which include but are not
limited to statements related to our liquidity and potential financing sources;
the bankruptcy process; our ability to obtain approval from the Bankruptcy Court
with respect to motions or other requests made to the Bankruptcy Court
throughout the course of the Chapter 11 Cases; the effects of Chapter 11 on the
interests of various constituents; and the ability to negotiate, develop,
confirm and consummate a plan of reorganization. We caution you that these
statements are not guarantees of future performance and are subject to numerous
evolving risks and uncertainties that we may not be able to accurately predict
or assess, including those in our risk factors that we identify in our most
recent annual report on Form 10-K for the year ended December 31, 2020, as filed
with the Securities and Exchange Commission on February 26, 2021, and any
updates thereto in the Company's quarterly reports on Form 10-Q and current
reports on Form 8-K. We caution you not to place undue reliance on our
forward-looking statements, which speak only as of their date, and we undertake
no obligation to update this information.
Item 9.01 Exhibits
(d) Exhibits
Exhibit
Number Title
99.1 Press Release of Hertz Global Holdings, Inc. and The Hertz
Corporation, dated March 2, 2021.
101.1 Pursuant to Rule 406 of Regulation S-T, the cover page to this Current
Report on Form 8-K is formatted in Inline XBRL
104.1 Cover Page Interactive Data File (Embedded within the Inline XBRL
document and included in Exhibit 101.1)
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