Hertz Global Holdings Inc. said it agreed to sell its Donlen Corp. fleet management business for at least $875 million to an Apollo Global Management Inc.-backed insurance company as the bankrupt rental car company looks to pay down debt.
In a bankruptcy-court filing Wednesday, Hertz said the planned sale of Donlen, which provides fleet-management services, could help the company reduce its secured debt and interest expenses, giving it more flexibility to reorganize in chapter 11.
Pending…
This post first appeared on wsj.com
