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Stock Alert: Hertz Global Shoots Up 101% On Receiving Debt Package To Reorganize

Hertz Global Holdings, Inc. (HTZ) shares are soaring on Friday morning as it secured a new $1.65 billion debt package for re-organization. The company plans to use $1 billion for vehicle acquisition and the rest for working capital and general corporate purposes.

Currently, the shares are at $2.09, up 104.42 percent from its previous close of $1.03 on a volume of 270,570,327. For the 52-week period, the shares have traded in a range of $.40 to $20.85 on average volume of 10,078,041.

The car rental company had filed for bankruptcy in May in view of the global recession. It is scheduled to announce the third-quarter earnings on October 22.

Earlier on September 28th, the company had named Kenny Cheung as CFO, succeeding Eric Esper.

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