Hertz Global Holdings Inc is working with debt restructuring advisers to explore options for shoring up its finances after the coronavirus pandemic killed demand for car rentals, people familiar with the matter said on Thursday.
Hertz and its creditors are also preparing for potential negotiations on reworking the company's finances, the sources added. No debt restructuring move is imminent, according to the sources. Hertz's shares have lost more than three-quarters of their value since late February, ending trading on Thursday at US$3.95 and giving the company a market capitalization of roughly US$561 million.
Even before the pandemic, Hertz and its peers were under financial pressure as travelers shifted to ride hailing services such as Uber Technologies Inc .
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