Hertz's regulatory filings up to date ahead of equipment-rental spinoff
Form 10-K includes the restated results for 2012 and 2013, as well as selected unaudited restated financial information for 2011. With these filings, Hertz is now up to date on all filings, both the Securities and Exchange Commission (SEC) and with its New York Stock Exchange listing requirements.
"Today's filings are an important step forward, and our attention is now on realizing Hertz's full potential. While much work remains, I thank the Hertz team for their efforts to bring our filings up to date while continuing to remain focused on our customers and our future," John Tague, Hertz's president and CEO, said.
With these filings taken care of, Hertz said it will now focus on the separation of Hertz Equipment Rental Corporation (HERC). The company's attention has shifted toward completing the audited carve-out financial statements for HERC and requisite SEC filing activities for the separation.
The money from the initial separation will be used to pay down Hertz's debt and support additional share repurchases. HERC is set to have a leverage ratio of 3.5x to 4.0x net debt/corporate EBITDA at the time of separation.
New leadership at HERC is focused on delivering performance improvement in the core business and enabling profitable growth.