Car hire firm Hertz files for bankruptcy amid coronavirus pandemic

grahame

Administrator
Hero Member

Posts: 43080

Car hire firm Hertz files for bankruptcy amid coronavirus pandemic

« on: May 23, 2020, 15:58:23 »

From ITV

Quote

Car hire firm Hertz files for bankruptcy amid coronavirus pandemic

Car rental company Hertz has filed for bankruptcy due to debt and the crippling of global travel by the coronavirus pandemic, according to court documents.

The firm, which has more than 400 outlets across the UK^▸ and Ireland, was 18.7 billion US dollars (£15.3 billion) in debt at the end of March with only 1 billion dollars (£820 million) of available cash.

It was recently forced to cut 12,000 people from its global workforce and put another 4,000 on furlough, but the measures came too late to save the 102-year-old business.


	Logged

Coffee Shop Admin, Chair of Melksham Rail User Group, TravelWatch SouthWest Board Member

stuving

Transport Scholar
Hero Member

Posts: 7371

Re: Car hire firm Hertz files for bankruptcy amid coronavirus pandemic

« Reply #1 on: May 23, 2020, 16:14:37 »

But note - from the FT:

Quote

The Florida-based company said its US and Canadian subsidiaries had filed for Chapter 11 bankruptcy after it failed to meet a payment deadline agreed with its lenders. Hertz had already missed a payment earlier last month but its lenders had agreed to postpone the payment to Friday.

Hertz’s European, Australian and New Zealand operations are not affected by the filing.


	Logged

GBM

Transport Scholar
Hero Member

Posts: 1681

Re: Car hire firm Hertz files for bankruptcy amid coronavirus pandemic

« Reply #2 on: May 23, 2020, 16:28:07 »

The BBC^» also reporting it's the USA section only affected; Europe and other areas not affected - (as yet?)


	Logged

Personal opinion only. Writings not representative of any union, collective, management or employer. (Think that absolves me...........)

Do you have something you would like to add to this thread, or would you like to raise a new question at the Coffee Shop? Please [register] (it is free) if you have not done so before, or login (at the top of this page) if you already have an account - we would love to read what you have to say!

You can find out more about how this forum works [here] - that will link you to a copy of the forum agreement that you can read before you join, and tell you very much more about how we operate. We are an independent forum, provided and run by customers of Great Western Railway, for customers of Great Western Railway and we welcome railway professionals as members too, in either a personal or official capacity. Views expressed in posts are not necessarily the views of the operators of the forum.

As well as posting messages onto existing threads, and starting new subjects, members can communicate with each other through personal messages if they wish. And once members have made a certain number of posts, they will automatically be admitted to the "frequent posters club", where subjects not-for-public-domain are discussed; anything from the occasional rant to meetups we may be having ...

Pages: [1]

« previous next »