(Bloomberg) -- Carl Icahn says he sold his equity position in Hertz “at a significant loss” on May 26.
Because of Covid-19, “Hertz has encountered major financial difficulties and I support the Board in their conclusion to file for bankruptcy protection,” Icahn said in a filing.
Icahn has been an investor and supporter of Hertz since 2014.
“I believe that based on a plan of reorganization that includes new capital, Hertz will again become a great company. I intend to closely follow the Company’s reorganization and I look forward to assessing different opportunities to support Hertz in the future,” he said.
A previous 13D/A filed on March 12, 2020 showed a 38.94% stake.
Click here for the 13D/A filing.
Shares of Hertz have lost 97% since Icahn’s initial 13D filing on July 11, 2016, compared with the 7.4% rise in the Standard & Poor’s 500 Index. Shares of 52 target companies have advanced an average of 24% while the activist was involved.
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