• Volkswagen unit Traton increases offer to buy Carl Icahn-backed Navistar

    Volkswagen unit Traton increases offer to buy Carl Icahn-backed Navistar

    Even as Volkswagen subsidiary Traton revs up its efforts to buy a trucking company linked to billionaire Carl Icahn, sources warn that its merger plans could still easily veer off course. In a press release Thursday, Traton said it increased its offer to buy Navistar — the company behind the International brand of trucks and …
  • Carl Icahn’s feud with former protégé imperils Navistar sale

    Carl Icahn’s feud with former protégé imperils Navistar sale

    Carl Icahn has been squabbling with a former protégé in negotiations to sell a truck-making giant — and investors fret that the tiff could land the deal in a ditch. The 84-year-old billionaire is squaring off against Mark Rachesky — a hard-charging financier who worked for him for six years in the 1990s — over …
  • Carl Icahn has officially ditched NYC for Florida

    Carl Icahn has officially ditched NYC for Florida

    Carl Icahn has officially moved left New York City for Sunny Isles Beach in Florida. The billionaire activist investor has entered into a lease for a 23,463-square-foot office in the new Milton Tower, becoming its first tenant. He now occupies about one-fifth of the building, including both the penthouse and the 12th floor, Milton Tower …
  • Bankrupt Hertz shares halted as SEC questions controversial stock sale

    Bankrupt Hertz shares halted as SEC questions controversial stock sale

    Read More: Carl Icahn’s Hertz could face bankruptcy amid coronavirus woes: sources Carl Icahn takes $1.8 billion loss as he dumps stake in bankrupt Hertz Hertz wants to cash in on surging shares amid bankruptcy Hertz may be on verge of liquidation
  • Carl Icahn takes $1.8 billion loss as he dumps stake in bankrupt Hertz

    Carl Icahn takes $1.8 billion loss as he dumps stake in bankrupt Hertz

    Carl Icahn exited Hertz like a stuntman abandoning a burning car — and he suffered some nasty cuts and bruises on his way out. The billionaire investment tycoon took a loss of more than $1.8 billion as he dumped his entire stake in the bankrupt rental-car company in recent days, according to court filings. Icahn, …
  • Hertz handed out $16 million in retention bonuses after bankruptcy filing

    Hertz handed out $16 million in retention bonuses after bankruptcy filing

    US car rental company Hertz Global Holdings said on Tuesday it has paid about $16.2 million in retention bonuses to a range of key executives at the director level and above, days after the company filed for bankruptcy protection. The company paid president and chief executive officer Paul Stone $700,000, and executive vice president and …
  • Hertz replaces CEO as coronavirus causes dramatic quarterly loss

    Hertz replaces CEO as coronavirus causes dramatic quarterly loss

    Hertz Global Holdings on Monday appointed Paul Stone as its chief executive officer days after the US car rental company raised going-concern doubts following a bigger quarterly loss. Hertz, backed by billionaire investor Carl Icahn, has suffered a “sudden and dramatic negative impact” on its business due to the coronavirus crisis, which has crushed demand …
  • Hertz has 3 weeks to fight off bankruptcy

    Hertz has 3 weeks to fight off bankruptcy

    Carl Icahn’s rental car company Hertz Global Holdings has roughly three weeks to prove it can stave off bankruptcy, the company said on Tuesday. In a regulatory filing, the car rental behemoth said lenders have given it until May 22 to develop a viable financial structure that “better reflects the economic impact of the coronavirus.” …
  • Car rental company Hertz struggles during pandemic while Avis stays afloat

    Car rental company Hertz struggles during pandemic while Avis stays afloat

    Carl Icahn’s Hertz — once considered the gold standard of car rental companies — is sputtering on the side of the road while its closest rival, Avis, is positioned to ride out the coronavirus storm. The 102-year-old Hertz told shareholders last week that it had missed a debt payment tied to its 500,000 fleet amid a …
  • Carl Icahn’s Hertz could face bankruptcy amid coronavirus woes: sources

    Carl Icahn’s Hertz could face bankruptcy amid coronavirus woes: sources

    Carl Icahn’s car-rental company, Hertz, is gearing up for a possible bankruptcy as the coronavirus pandemic slams the brakes on its business. The car rental company failed to make an important monthly lease payment tied to its 500,000 vehicles this month, it revealed Wednesday morning. “While the company has taken aggressive action to eliminate costs, …