Signage for Hertz Global Holdings Inc. stands at a rental location in Berkeley, California, U.S., on Tuesday, May 5, 2020.
David Paul Morris | Bloomberg | Getty Images
Hertz was granted approval Friday by the U.S. Bankruptcy Court for the District of Delaware to sell up to $1 billion in stock.
The potential sale is highly unusual for a company going through Chapter 11 bankruptcy proceedings since common shareholders, who are last in line when assets are allocated during court proceedings, may be left with worthless stock.
Hertz said it is a last ditch effort for the company to cash