$HTZ I’m not sure you understand what happens to shareholder value under Chapter 11. Hertz will come out of it, but your speculative investment will not. When a corporation is on the verge of bankruptcy, it's stock value reflects the risk of Chapter 11 becoming Chapter 7. For example, a company traded at $50 may trade at $2 per share due to bankruptcy speculation. After filing Chapter 11, the firm's stock price may fall to $0.10. This value is composed of the potential income that shareholders may receive after liquidation and a premium based on the possibility that the firm may restructure and begin to operate successfully in the future. Private investors can buy and sell these 10-cent shares in the OTC market.
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