Debt and coronavirus push Hertz into bankruptcy protection.
The Associated Press
Hertz and its subsidiaries will continue to operate, according to a release from the company. Hertz's principal international operating regions and franchised locations are not included in the filing, the statement said. “No business is built for zero revenue,” former CEO Kathryn Marinello said on the company’s first-quarter earnings conference call May 12. “There’s only so long that companies’ reserves will carry them.”
In a note to investors in late April, Jefferies analyst Hamzah Mazari predicted that rival Avis would survive the coronavirus crisis but Hertz had only a 50-50 chance “given it was slower to cut costs.” Deutsche Bank analyst Chris Woronka credited Marinello with reigniting Hertz's revenue growth, writing in a note to investors that it rose 16% in 2018 and 2019 combined.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hertz files for bankruptcyHertz has filed for bankruptcy. The rental-car giant — which also operates the Dollar, Thrifty and Firefly brands — has been devastated by the plunge in travel since the coronavirus pandemic hit.
Read more »
WSJ News Exclusive | Hertz Preparing Bankruptcy Filing as Soon as This WeekendA bankruptcy, expected as soon as Friday night, would make Hertz one of the highest-profile corporate defaults yet stemming from the coronavirus pandemic’s impact on American travelers.
Read more »
Hertz filing for bankruptcy as early as this weekend: report - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
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.
Read more »
Hertz preparing to file for bankruptcy as soon as Friday night: WSJCar rental firm Hertz Global Holdings Inc 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.
Read more »
Hertz files for bankruptcy as the coronavirus pandemic crushes the car-rental industry - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »