Hertz sinks to new depths on report it weighs $700 mln debt, convertible sale
** Shares of Hertz HTZ.O sink as much as 12.6% on Thurs to $3.47, new record low, after report rental car firm seeks to strengthen its balance sheet
** Co considering sale of at least $700 mln in secured debt as well as convertible notes sale, Bloomberg Law reports, citing people with knowledge of the matter
** HTZ's advisers have begun contacting potential investors regarding the secured debt issue, according to the report
** Bloomberg News last week reported co was exploring options to raise capital, shortly after new CEO pledged to get co back on track following failed bet on electric vehicles
** HTZ last off 5.7% at $3.75. Stock now down >60% YTD for roughly $1.1 bln market value, per LSEG data
** Shares have crashed since co's Nov 2021 "re-IPO" price of $29 following its emergence from bankruptcy earlier that year
** Meanwhile, rival Avis Budget Group's CAR.O stock off 2.5% on Thurs, extending 2024 loss to nearly 40%
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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