A bankruptcy court is allowing Hertz Global Holdings Inc.
HTZ,
+37.37%

to sell new stock in public markets, according to a report in The Wall Street Journal late Friday. Hertz, which filed for bankruptcy May 22, asked the courts this week to be allowed to sell up to $1 billion in equity amid a rally for its shares despite the bankruptcy filing and a notice of delisting from the New York Stock Exchange this week. Shares of Hertz fell more than 14% in the extended session Friday after rising more than 37% in the regular trading day and jumping more than 180% so far this month. The plan to sell stocks has been likened to gambling and described as a “head scratcher” by seasoned investors and analysts.


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