Hertz 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.'
In April the company, which includes car-rental brands Dollar, Thrifty and Firefly, missed a payment on its debt, but reached a short-term deal with its creditors. The company was unable to secure a long-term agreement.
The filing excludes Hertz's international operating regions in Europe, Australia and New Zealand, as well as its more than 10,000 franchised locations. The company said it would use more than $1 billion in cash on hand to support its ongoing operations as it proceeds with the bankruptcy process. The company will continue to honor reservations, promotional offers, vouchers and rewards points programs.
"Today's action will protect the value of our business, allow us to continue our operations and serve our customers, and provide the time to put in place a new, stronger financial foundation to move successfully through this pandemic and to better position us for the future," said CEO Paul Stone in a statement."Our loyal customers have made us one of the world's most iconic brands, and we look forward to serving them now and on their future journeys.
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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 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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Hertz files for US bankruptcy as car rentals evaporate in pandemicHertz earlier laid off about 10,000 employees and said there was substantial doubt about its ability to continue as a going concern. Its operating regions including Europe, Australia and New Zealand are not included in the US proceedings.
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