Hertz Global Holdings Inc. (HTZ) filed for Ch.11 bankruptcy in Delaware on May 22. Because many entities in their corporate structure were not included in the bankruptcy filings, this is going to be very complex Ch.11 process that could go on for an extended period of time. I do not expect any recovery for HTZ shareholders, including Carl Icahn who holds 38.89% of the shares. Given current economic conditions, I also do not expect any recovery for unsecured noteholders, except a possible small token amount. Term loan holders and holders of second lien notes most likely will get the equity of the new company under a Ch.11 reorganization plan.

Form 201 (docket 1) for the Ch.11 filing for The Hertz Corporation (case 20-11218) contains a chart of entities that filed for Ch.11 and which affiliates did not file.

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