Hertz Seeks Bankruptcy Loan as Car Rental Volume Slowly Recovers

Hertz Global Holdings Inc. is seeking debtor-in-possession financing more than two months after filing for Chapter 11 protection, reflecting the reality that it still faces trouble ahead if travel doesn’t bounce back.

The bankrupt rental-car giant said in a regulatory filing Monday it is looking for new sources of cash with the travel business in a deep slump and proceeds from the sale of its cars going to pay off creditors.

Hertz had sought to avoid raising funds while it negotiates a debt restructuring with asset-backed securities holders, but the deterioration in its core rental business and uncertainty ahead leaves ...