Hertz Global Holdings Inc. (NYSE: HTZ) on Thursday in a filing with the United States Securities and Exchange Commission said it had abandoned a plan to raise $500 million in a stock offering.SEC Review Led To Sale Abandonment The bankrupt car rental company noted it "determined that it was in the best interests of the Company to terminate" the sale.The move follows the SEC's Division of Corporate Finance notice about reviewing the sale of the shares.Hertz was looking to raise fresh funding for its business restructuring plan. The company warned investors that the shares were likely to become worthless at the end of the restructuring.Hertz Looks For Bankruptcy Loan As the stock sale is abandoned, the company is instead looking for bankruptcy loans, the Wall Street Journal reported later in the day.Hertz has approached a group of top lenders, including hedge funds, for a loan that could extend up to $1...
(Bloomberg) -- Global stocks rose with U.S. equity futures on Friday as investors cheered the latest breakthrough in trade negotiations between America and China and the start of stimulus talks in Europe. Treasuries held recent gains.The Stoxx 600 Index climbed as attention turned to negotiations over the European Union’s proposed 750 billion-euro ($840 billion) program to help economies rebound from lockdowns. Wirecard AG shares bucked the trend, continuing their free-fall as the German payments company faced a potential cash crunch.Contracts on the three main U.S. stock gauges advanced on reports that China plans to accelerate purchases of American farm goods to comply with the phase one trade deal following talks in Hawaii.After a brief swoon, equity markets are back to rallying as investors bet that governments will be able to put their economies back on track with enough stimulus at their disposal. U.S. and European benchmarks have clawed back nearly all...
(Bloomberg) -- Oil rallied as stronger consumption continued to push physical markets higher, even as many countries struggle to bring the coronavirus under control.Futures in New York traded above $40 a barrel on Friday and are up about 11% this week. Oil traders Vitol Group and Trafigura Group and exporter Saudi Aramco all talked up the strength of the demand recovery in recent days, and prices for some of the world’s major oil products have begun to roar higher.Gasoline futures in the U.S. moved into backwardation for the first time in three months on Thursday, a bullish signal indicating supplies are tightening as the summer driving season gets under way. Meanwhile, swaps in the North Sea market that prices much of the world’s crude jumped on Thursday as traders posted several bids for cargoes but only one willing seller emerged.Though the outlook for crude has brightened in recent days, a potential...
