BREAKING: Hertz files for bankruptcy as the coronavirus pandemic crushes the car-rental industry
last Saturday, and the company's board of directors named Paul Stone, who previously served as the company's executive vice president and chief retail operations officer for North America, to step in for Marinello.
Hertz, whose parent company, Hertz Global Holdings Inc., also owns rental brands Dollar and Thrifty, had said in ain April that it was considering seeking bankruptcy protections after it "did not make certain payments" on its operating lease. Hertz said it "could be materially and negatively impacted" if discussions with lenders to reduce those payments weren't fruitful by the first week of May.
Hertz's stock dropped by as much as 50% in after-hours trading following the The Wall Street Journal's initial report that the company would file for bankruptcy on Friday night.
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.
Inside California's beautifully bizarre Winchester Mystery House - 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 »
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 | 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 »
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 »
Watch the 'MTV Prom-athon' Class of 2020 CelebrationHigh school seniors are still being celebrated amid the coronavirus pandemic.
Read more »
Nature Is Healing: Young People Are Returning to FacebookThe site has become a hub for resource sharing and nostalgic escape during the coronavirus pandemic.
Read more »