Hertz Global Holdings Inc. won a bankruptcy judge’s approval to raise up to $1 billion in new equity from a counterintuitive stock rally, a seemingly unprecedented move for a large bankrupt company eager to capitalize on market anomalies.

Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington, Del., authorized Hertz to seize the opportunity to raise money from a stock market that has shown strong interest in the company’s shares despite its severe financial strain.

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