NEW YORK: The more than a century old car rental firm Hertz Global Holdings filed for bankruptcy protection on Friday after its business all but vanished during the coronavirus pandemic and talks with creditors failed to result in needed relief.
The size of Hertz's lease obligations have increased as the value of vehicles declined because of the pandemic. In an attempt to appease creditors holding asset-backed securities that finance its fleet of more than 500,000 vehicles, Hertz has proposed selling more than 30,000 cars a month through the end of the year in an effort to raise around US$5 billion, a person familiar with the matter said.On May 16, the board appointed executive Paul Stone to replace Kathryn Marinello as CEO.
Hertz earlier signalled it could avoid bankruptcy if it received relief from creditors or financial aid the company and its competitors have sought from the US government. The US Treasury has started assisting companies as part of an unprecedented US$2.3 trillion relief package passed by Congress and signed into law.
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