The Hertz Corporation · Corporate
The Hertz Corporation: bankruptcy, 2020
The Hertz Corporation: bankruptcy credit event on 2020-05-22, worked through from its SEC filings. The 6.000% Senior Notes due 2028 (ISIN US428040CZ02) are a Deliverable Obligation: all 7 checks pass. Each result cites the clause behind it, or says when it rests on the absence of a clause.
Verified answerThe Hertz Corporation · Bankruptcy · 2020
Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?
Yes, deliverable
6.000% Senior Notes due 2028 pass all 7 checks, each tied to its clause.
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Verified outcome
Basis. All 7 checks pass on the record: the issuer is the Reference Entity, the instrument meets the Maximum Maturity, Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics, and it is Not Contingent.
Source clauses
- Reference entity
- The Hertz Corporation
- Credit event
- Bankruptcy · 2020-05-22
- Entity type
- Corporate
- Documents
- 3 in the record
Instruments
Each obligation has its own page with terms and questions.
- 6.000% Senior Notes due 2028Eligible
The Hertz Corporation · ISIN US428040CZ02
8 questions
Questions and verified answers
Open a question for the verified answer, its basis and how it was checked. Clause links open the documents below.
- #1 Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?Eligible
- #2 Does the instrument meet the Maximum Maturity characteristic (30 years)?Yes
First Supplemental Indenture of 2019-11-25
- #3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?Yes
Base Indenture of 2019-11-25
- #4 Does the instrument meet the Not Subordinated characteristic?Yes
- #5 Does the instrument meet the Not Bearer characteristic?Yes
Base Indenture of 2019-11-25
- #6 Is the instrument Not Contingent (principal not reducible for a reason other than payment)?YesNone: no clause making principal contingent was found.
- #7 Does the instrument meet the Transferable characteristic?YesNone: no clause restricting transfer was found.
- #8 Is the issuer of the instrument the Reference Entity?Yes
Documents
The case record. 5 sections support the verified answers.
- DOC-1 Hertz Global Holdings / The Hertz Corporation 8-K filed 2020-05-26, Item 1.03 Bankruptcy, petition 2020-05-22excerpts
- DOC-2 First Supplemental Indenture dated November 25, 2019, $900,000,000 6.000% Senior Notes due 2028 (EX-4.2)excerpts
- DOC-3 Base Indenture dated November 25, 2019, The Hertz Corporation (EX-4.1)excerpts
Timeline
- 2019-11-25First Supplemental Indenture for the 6.000% Senior Notes due 2028 (filed as Exhibit 4.2), under the base indenture of the same date.
- 2020-05-22Hertz Global Holdings, Inc., The Hertz Corporation and certain of their subsidiaries file voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware.
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