Hertz files for bankruptcy protection in US and Canada

The car rental company Hertz filed for bankruptcy protection in the US and Canada after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief.

“The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the Company’s revenue and future bookings,” Hertz said in a press release.

Hertz said it took “immediate action” to prioritise the health and safety of employees and customers and eliminate “all non-essential spending”. However, it said “uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today’s action”.

loading...

Leave a Reply