Virus Outbreak Hertz Bankruptcy

FILE - In this May 6, 2020, file photo, a Hertz car rental is closed during the coronavirus pandemic in Paramus, N.J. Hertz filed for bankruptcy protection Friday, May 22, 2020, unable to withstand the pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company's business. (AP Photo/Ted Shaffrey, File)

(AP) - Hertz has filed for bankruptcy protection, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company’s business.

The Florida-based company's lenders were unwilling to grant it another extension on its auto lease debt payments past a Friday deadline, triggering the filing. By the end of March, Hertz had more than $24 billion in debt with only $1 billion of available cash.

Starting in mid-March, the company lost all revenue when travel nearly shut down due to the novel coronavirus. Hertz also has been plagued by management upheaval, naming its fourth CEO in six years on May 18.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.