When it emerged from bankruptcy in 2021, Hertz was something of a success story. Everyone involved who wasn’t named Carl Icahn made out OK. But here it is again, challenged by an overstep into EVs and loaded up with pricey new debt.

In this week’s episode of Cloud 9fin, global head of distressed and restructuring Max Frumes breaks it all down with distressed credit analyst Larry Feldman and senior reporter Sasha Padbidri. How did Hertz get back into trouble? How grim is the path ahead? How will the situation play out as the 2026 maturity wall draws near?

Follow all the latest up-to-the-minute Hertz coverage here at 9fin.com.