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#Hertz #HertzCarRental #HertzBankrutcy
Factual News from Around the World Videos. Coronavirus Pandemic Crisis Forces Car Rental HERTZ To File For Bankruptcy and Lay-off Thousands.
Big giant car rental company Hertz filed for Chapter 11 on Friday May 22, 2020 - after failing to reach a standstill agreement with its top lenders.
The Wall Street Journal reports that Hertz has roughly $19 billion of debt. Florida-based Hertz began bankruptcy protection proceedings in the U.S.
Bankruptcy Court in Wilmington, Delaware, in an attempt to avoid a forced liquidation of its vehicle fleet after bookings dropped off overnight due to the coronavirus pandemic.
This 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,' stated Chief Executive Paul E. Stone.
The bankruptcy filing makes Hertz one of the most prominent U.S. companies to default amid the coronavirus pandemic.
Clothing brand J. Crew and department stores Neiman Marcus and J.C. Penney have also declared bankruptcy in the past month.
Hertz' international operating regions including Europe, Australia and New Zealand were not included in the U.S. proceedings, the company said.
The company had about 38,000 employees worldwide at the end of 2019.
The Wall Street Journal reports that the company has hired FTI Consulting - as a restructuring advisor.
Car-rental companies have been hit hard by the COVID-19 outbreak, as travel plummets and people shelter in place.
At the time, Hertz's Chief Executive Kathryn Marinello said the pandemic had caused 'a major business disruption as global travel demand dropped to almost zero and the U.S. used-car market effectively shut down.
On Monday 18th 2020 Marinello - who was the third CEO since 2010 - was replaced by the company's executive vice president Paul Stone.
Hertz earlier signaled it could avoid bankruptcy if it received relief from creditors or financial aid the company and its competitors have sought from the U.S. government.
A trade group representing Hertz, the American Car Rental Association, has asked Congress to do more for the industry by expanding coronavirus relief efforts and advancing new legislation targeting tourism-related businesses.
Even before the pandemic, Hertz and its peers were under financial pressure as travelers shifted to ride-hailing services such as Uber.
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