Hertz filed for bankruptcy. The car-rental company had struggled with competition and collapsed after the coronavirus pandemic largely idled its fleet.
Hertz Global Holdings Inc., one of the nation’s largest car-rental companies, filed for bankruptcy protection Friday, saddled with about $19 billion in debt and nearly 700,000 vehicles that have been largely idled because of the coronavirus.
The Estero, Fla.-based company entered chapter 11 proceedings in the U.S. Bankruptcy Court in Wilmington, Del., hoping to survive a drop-off in ground traffic from the pandemic and avoid a forced liquidation of its vehicle fleet.
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WSJ News Exclusive | Rental-Car Company Hertz Files for BankruptcyOne of the nation’s largest car-rental companies entered chapter 11 proceedings hoping to survive a drop-off in ground traffic from the pandemic and avoid a forced liquidation of its vehicle fleet.
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Hertz files for bankruptcy as the coronavirus pandemic crushes the car-rental industry - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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Rental Car Giant Hertz Files For Bankruptcy ProtectionHertz is the latest company to file bankruptcy amid the economic downturn because of the coronavirus pandemic. The company said its loss in revenue due to a decline in travel was 'sudden and dramatic.'
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Hertz files for Chapter 11 bankruptcy due to pandemic reducing demand for rental cars'We need to take further steps to weather a potentially prolonged recovery,' said Hertz President and CEO Paul Stone in a statement Friday.
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Hertz files for U.S. bankruptcy protection as car rentals evaporate in pandemicThe more than a century old car rental firm Hertz Global Holdings Inc filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief.
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