(Bloomberg) — Hertz Global Holdings Inc.’s bonds were valued at 26.375 cents on the dollar in a credit derivatives auction Wednesday, casting doubt on the possibility that shares will have any value when the company emerges from bankruptcy.The price, determined in an auction that’s used to settle hundreds of millions of credit default swaps tied to the bankrupt company, means traders who bought protection against the car rental company’s failure will be paid 73.625 cents for every dollar insured.The relatively low bond recovery level suggests Hertz shareholders are likely to see their holdings go to zero as the company reorganizes …read more
Source:: Yahoo Finance
