Hertz Awaiting Bids on $4 Billion Loan for New Cars, Lawyer Says

Hertz Global Holdings Inc. will receive multiple bids for a potential $4 billion financing package that would fund new cars for its rental fleet, the attorney leading the company’s bankruptcy case said.

Tom Lauria made the announcement at a court hearing, held by telephone earlier today, he said in an email. During the same hearing Hertz got approval from the judge overseeing the company’s reorganization in Wilmington, Delaware to borrow $1.65 billion to fund its bankruptcy case and begin buying new cars.

Part of Hertz’s business model is to offer the latest models for rent. That means adding new cars ...