FAST FIVE: Retail Investors Face Another Rout As Daytrader Favorite Hertz Prepares To File
Retail Investors Face Another Rout As Daytrader Favorite Hertz Prepares To File Tyler Durden Fri, 05/22/2020 – 18:25 Here's some bad news for all the Robinhood day traders indiscriminately buying Hertz Global Holdings as it crashed during coronavirus lockdowns — a CNBC report indicates the distressed rental car company is preparing to file for bankruptcy as soon as Friday night.
Minutes after the news hit the wires, Hertz's stock extended its recent bloodbath.
The upcoming bankruptcy filing reportedly comes after the company failed to reach a deal with its top lenders.
The company missed a lease payment last month, and the bankruptcy could be one of the most high-profile defaults during coronavirus lockdowns.
…which are about to join Movie Gallery, MF Global, Just for Feet and Ameriserve in defaulting before paying investors a single coupon payment.