Looking for a used car? Hertz is selling cars at discount prices.
Hertz Global Holdings Inc. racked up more than $24 billion in debt by the end of March, according to its bankruptcy filing, with only $1 billion in available cash.
Starting in mid-March, the company – whose car-rental brands also include Dollar and Thrifty – lost all revenue when travel shut down due to the coronavirus. The company made"significant efforts" but couldn't raise money on the capital markets, so it started missing payments to creditors in April, the filing said. Hertz has also been plagued by management upheaval, naming its fourth CEO in six years on May 18.
In late March, Hertz shed 12,000 workers and put another 4,000 on furlough. It cut vehicle acquisitions by 90% and stopped all nonessential spending. The company said the moves would save $2.5 billion per year. On Friday, bankruptcy court approved Hertz's request to sell 246.8 million unissued shares to Jefferies LLC to raise up to $1 billion in new equity.
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