Hertz Global Holdings Inc (HTZ)

[Agoura Guy]

$HTZ Global Holdings Inc said on Friday it has reached an interim $650-million deal with its lenders to resolve a bankruptcy court fight over the company's plan to reduce its leased fleet of rental cars.

Under the agreement, $HTZ will pay $650 million in cash in equal monthly installments from July to December. The car rental company will also dispose of at least 182,521 leased vehicles between June and December.

$HTZ had filed for bankruptcy in May after its business was decimated by the coronavirus outbreak and talks with its lenders failed to result in much-needed relief.