Hertz has decided to terminate a controversial stock sale of up to $500 million following the Securities and Exchange Commission criticizing the bankrupt company’s plans.
The move immediately sent shares of Hertz falling about 10%. The stock briefly recovered before ending down 10% to $1.80 — its lowest closing price since June 4. Trading in the shares was halted for hours ahead of the announcement. Only 33.8 million shares changed hands during trading Thursday. The stock continue to slide during extended-hours trading.
Hertz is now in talks for a bankruptcy loan of up to $1 billion to fund its business reorganization, The Wall Street Journal reported on Thursday, citing people…