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Hertz preparing to file for bankruptcy as soon as Friday night: WSJ

Published 05/22/2020, 05:48 PM
Updated 05/22/2020, 06:15 PM
© Reuters. Paris Charles de Gaulle airport in Roissy-en-France

(Reuters) - Car rental firm Hertz Global Holdings Inc (N:HTZ) is preparing to file for bankruptcy as soon as Friday night after failing to reach a standstill agreement with its top lenders, the Wall Street Journal reported https://on.wsj.com/2A4ONKs, citing people familiar with the matter.

The company, which operates the Hertz, Dollar and Thrifty car-rental brands, had been holding talks with creditors after missing significant car-lease payments in April. Forbearance and waiver agreements on the missed payments were set to expire on Friday.

The creditors had asked for upfront compensation from the company in exchange for a further extension, but the two sides could not come to an agreement, according to the WSJ report.

Hertz did not immediately respond to a request for comment.

The more than a century old car rental firm, whose largest shareholder is billionaire investor Carl Icahn, is reeling from government orders restricting travel and requiring citizens to remain home.

Estero, Florida-based Hertz has more than $18 billion of debt and roughly 38,000 employees worldwide as of the end of 2019.

Latest comments

Thanks... so as early as Monday morning, I will sell my shares. lol
That leaves more growth potential for the tech giants so Markets will take this as positive, just as they do with all bad news. Never thought that the downfall of an economy could be something positive. Well, always happy to be amazed and learn.
but isn't our hero trump gonna write a cheque for it ?
No, only the democrats do wasteful bailouts.
sorry ur prez is a socialist now
Hertz CEO should call CCP agents in Beijing..they buy all debts.
Hertz Dollar and Thrifty company that accepted my debit card for renting car, and took my money, but it did kot give me the car for the reson that I payed with debit card and they accepted just credit card, but again, they took my miney and no refunds. They got what they deserves.
let's all join hands and thank China for the return of the favor for giving them business and prosperity.
what a silly comment....
As usual, bad news thus stock market UP UP on Tuesday and Wednesday
way to go Trump
Some Democrats will blame Trump for stuff that happened before he was even born
Most of the things he created by his tweets, no need to look further..
Tuesday just buy puts and then sell it ez money
except IV would destroy you...
Do I still need to return my Hertz rental?
lol
on tuesday. should we buy or sell?
wait, no bail out? what's the reasoning?
they weren't in the club. gentile owned and operated
really a falling knife
Anothet falling knife
should we buy hertz shares now? and wait for recovery
I don't recommend that move.
Yes. Buy now. Best time to buy
It can only go up from here. Unless it goes bankrupt then we get the nav value
So, will USD go down on Monday?
We will be at top at nyc-se by end of this year Good God Willing with 75 trillions usd at Nyc-se. Thanks a lot for your Co-Operations .Rawno J
karma. total scam
They missed April payment and they file bankruptcy ? Its a smart move to preserve whatever cash they have. I suppose there will be more of this.
Tesla was going to sell Hertz 100k model 3's oh well.
lots of Hertz Z06 on sale now 60k for a 90k 1 year old car. my hertz gold status just went out the window too?
is it that bad😣
......and the economy is doing great ?? Riiiight. !
You got it Bro, we have a booooooming economy, look at the stock market!!!!!!!!!!!!! I am bewildered with what is happening.
It's yuuuge
Horrific.
that's what they got for not letting young people get rentals
Wrong. That rule is there for a reason
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