(Reuters) – Hertz Global Holdings on Friday won the dismissal of a lawsuit claiming that the rental car company was required to redeem shareholders’ common stock warrants after undergoing a series of financing transactions. Judge Eric Davis of the Delaware Chancery Court said Hertz’s decisions to repurchase $3.4 billion of stock and take on $2.2 […]
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Hertz wins dismissal of lawsuit in Delaware over warrants
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(Reuters) – Hertz Global Holdings on Friday won the dismissal of a lawsuit claiming that the rental car company was required to redeem shareholders’ common stock warrants after undergoing a series of financing transactions.
Judge Eric Davis of the Delaware Chancery Court said Hertz’s decisions to repurchase $3.4 billion of stock and take on $2.2 billion of debt between November 2021 and December 2023 did not qualify as a “reorganization event” sufficient to allow investors to redeem their warrants.
(Reporting by Jonathan Stempel in New York)