Hertz files for U.S. bankruptcy protection as car rentals evaporate in pandemic

Car rental firm had nearly $19B US of debt, roughly 38,000 employees at end of 2019

Thomson Reuters · Posted: May 22, 2020 10:48 PM ET | Last Updated: 10 hours ago



A customer stands at the counter of a Hertz rental location in Chicago in November 2006. (Scott Olson/Getty Images)
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The more-than-a-century-old car rental firm Hertz Global Holdings Inc. filed for bankruptcy protection on Friday after its business all but vanished during the coronavirus pandemic and talks with creditors failed to result in needed relief.
Hertz said in a U.S. court filing on Friday that it voluntarily filed for Chapter 11 reorganization. Its international operating regions including Europe, Australia and New Zealand were not included in the U.S. proceedings.

The firm, whose largest shareholder is billionaire investor Carl Icahn, is reeling from government orders restricting travel and requiring citizens to remain home. A large portion of Hertz's revenue comes from car rentals at airports, which have all but evaporated as potential customers eschew plane travel.
With nearly $19 billion US of debt and roughly 38,000 employees worldwide as of the end of 2019, Hertz is among the largest companies to be undone by the pandemic. The public health crisis has also caused a cascade of bankruptcies or Chapter 11 preparations among companies dependent on consumer demand, including retailers, restaurants and oil and gas firms.
U.S. airlines have so far avoided similar fates after receiving billions of dollars in government aid, an avenue Hertz has explored without success.



A Hertz car rental location is seen closed during the coronavirus pandemic in Paramus, N.J., on May 6. (Ted Shaffrey/The Associated Press)
The Estero, Fla.-based company, which operates Hertz, Dollar and Thrifty car-rentals, had been in talks with creditors after skipping significant car-lease payments due in April. Forbearance and waiver agreements on the missed payments were set to expire on May 22. Hertz has about $1 billion US of cash.
The size of Hertz's lease obligations have increased as the value of vehicles declined because of the pandemic. In an attempt to appease creditors holding asset-backed securities that finance its fleet of more than 500,000 vehicles, Hertz has proposed selling more than 30,000 cars a month through the end of the year in an effort to raise around $5 billion US, a person familiar with the matter said.[/size]

Ai muốn mua xe rẻ thì nhào vô

công nhận Cô Vi đánh đẹp thiêt , chỉ vài tháng thôi mà đánh gục các "đại gia"

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8DonCo wrote:công nhận Cô Vi đánh đẹp thiêt , chỉ vài tháng thôi mà đánh gục các "đại gia"

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ga10 wrote:

8DonCo wrote:công nhận Cô Vi đánh đẹp thiêt , chỉ vài tháng thôi mà đánh gục các "đại gia"

Kéo dài 0 reopen business nửa thì sẽ có thêm những business khác trước đây đang làm ăn khá cũng sẽ phải đóng cửa luôn.

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