Note indenture trustee Wells Fargo Bank filed a response opposing Hertz Corp’s application seeking a further extension of time to file a petition for writ of certiorari with the US Supreme Court.

The writ of certiorari would request a review of a decision from the US Court of Appeals for the Third Circuit that sided with Wells Fargo. The dispute with the indenture trustee stems from Hertz’s Chapter 11 case and questions regarding Hertz’s obligations to pay makewhole fees and the interest that would apply to the noteholders’ claims. Wells Fargo appealed a bankruptcy court order that found that Hertz’s treatment of the noteholders under its plan of reorganization rendered them unimpaired. The Third Circuit found that Hertz — which made a distribution to equity holders under its plan due to being solvent at the time of its emergence from bankruptcy — should have paid noteholders before equity holders, including applicable premiums and a higher interest rate.

In its opposition to Hertz’s request for an extension to file an application for writ of certiorari, Wells Fargo said the dynamics of the case differ markedly from the usual situation in which a party requests an extension. While most applications for an extension do not “meaningfully prejudice” a respondent, in this case Hertz will not be required to pay hundreds of millions of dollars owed under the Third Circuit’s decision or to post a bond to secure payment until the certiorari petition is denied, the indenture trustee said.

The noteholders that Wells Fargo represents are effectively required to extend “involuntary unsecured credit” to Hertz in the interim, and a further extension to file the application would prolong the period in which noteholders are required to do so, Wells Fargo said. That would be “particularly unfair” given that the amounts at issue should have been paid more than three years ago, and Hertz’s creditworthiness has “deteriorated significantly” in that time, the bank asserted.

Wells Fargo asked the Supreme Court to deny the application for the extension.