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Insights into Hertz SCOTUS petition denial, including:

• Solicitor General Recommends Denial: The U.S. Solicitor General filed an amicus brief on December 3, 2025, urging SCOTUS to deny Hertz’s petition for certiorari, supporting the Third Circuit’s decision requiring Hertz to pay contract-rate interest to pre-bankruptcy noteholders.
• $300+ Million Payment Expected: Despite the Hertz SCOTUS petition denial recommendation, the company faces a near-term obligation of approximately $300+ million to noteholders, though analysts believe Hertz maintains sufficient liquidity with ~$2.2 billion in corporate resources to cover this payment.
• Solvent Debtor Exception Upheld: The SG’s brief agrees with the Third Circuit’s outcome that solvent debtors like Hertz must pay post-petition interest at contractual rates, even while disagreeing with certain aspects of the court’s legal reasoning regarding claim impairment.
• Bankruptcy Court Remand Likely: Following the expected SCOTUS denial in late December 2025 or January 2026, the case will return to bankruptcy court to determine the precise amount owed, with disputes centering on an additional $27+ million in interest beyond the agreed $328 million.
• No Financial Distress Anticipated: Hertz retains multiple liquidity levers including a $250 million equity ATM, $500 million incremental debt capacity, and real estate monetization options, ensuring the litigation payment won’t create undue financial strain on operations.