Hertz Global Holdings Inc is working with debt restructuring advisers to explore options for shoring up its finances after the coronavirus pandemic killed demand for car rentals, people familiar with the matter said on Thursday.
) is working with debt restructuring advisers to explore options for shoring up its finances after the coronavirus pandemic killed demand for car rentals, people familiar with the matter said on Thursday.
Hertz has enlisted restructuring experts at law firm White & Case LLP and investment bank Moelis & Co to help it address a cash crunch that has made its $17 billion debt pile potentially unsustainable, the sources said. The American Car Rental Association, a trade group representing Hertz and its competitors including Avis Budget Group Inc and family-owned Enterprise Holdings Inc, has been asking Congress to do more for the industry by expanding a $2.3 trillion stimulus program and advancing new legislation targeting tourism-related businesses.
Weighing on Hertz’s finances is the value of its used vehicles, which it uses to borrow against. That value has plunged as weak demand weighs on the car market. To combat Uber, Hertz had adopted a turnaround plan, aiming to modernize its smartphone apps and improve its management of its fleet of rental cars.
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