On June 30, 2021, Glenn Moses was quoted in News-Press on the Hertz bankruptcy and future board changes. According to the article, Hertz Global Holdings said the company emerged financially and operationally stronger than ever. With more than $5.9 billion of new equity provided by a new investor group, Hertz said it has reduced its corporate debt by nearly 80% and "significantly enhanced its liquidity to fund operations and future growth."
With its exit from bankruptcy, Hertz announced changes to its board of directors, naming eight new members to the board and potentially adding another three to the board in the future.
Commenting on the case, Moses said it could have dragged out much longer if the reorganization plan hadn't treated creditors so well, paying them back in full. "Ultimately, when you're satisfying creditors' claims in full and returning value to equity in a successful plan, there is less to fight about," he said. "And so, that could be part of the reasons why the case concluded in such a relatively short period of time."
Moses described Hertz's exit from bankruptcy as a "significant achievement," especially considering the amount of debt and number of creditors and investors involved. "Certainly, the franchises and the creditors are breathing an enormous sigh of relief, given the outcome, especially given questions about the company's ability to survive in the last year," Moses said.