Hertz Fleet Losing Value by the Day, Hindering Restructuring Efforts

The roughly 700,000 rental cars that are the lifeblood of Hertz Global Holdings Inc.’s business are losing value rapidly, posing a challenge to bondholders’ repayment and to the bankrupt company’s chances of weathering the Covid-19 pandemic.

The value of the company’s fleet, which Hertz essentially leases mostly from banks and bondholders, could experience one of the biggest drops in asset values in U.S. bankruptcy history, according to court papers filed by Deutsche Bank AG, the administrative agent for a group of holders...

FuckOffTrump5 Seems like they don't know how to manage their finances.

iJaadee I wonder what will happen to all these cars since Hertz has declared for bankruptcy. Maybe the bank will try to sell them off for super cheap after the Venus Rx and all the ppl who are looking to buy a car can get it for super cheap somehow?

Just brutal prospects for Hertz. A completely different story from Enterprise which lacks the debt and lease obligations. Just 15% of their fleet being used is a death knell.

This is sad

Global Vehicle Supply Glut just after an oil glut! The world should brace itself for a massive vehicle auction - one big buyers market

Well hey, when the GOP refuses to continue to help real people but throw $ at corporate people, thousands will be homeless after being evicted, so living in your car will become a thing. The Hertz lots can be the next homeless community. This country is that f*d up.

You gotta learn to HOLD the reservation. Anybody can just TAKE 'em.

I forsee a LOT used cars coming onto the market.

They should rent them to the homeless who can pay for them with federal aid checks. Kills a few birds with one stone.

mega yikes

Raise your hand if you feel bad for rental car companies. Right behind airlines in customer sentiment IMO.

Seen their website. Mediocre base vehicles wanting above KBB..seriously Hertz

Hertz are complete twats and deserve it.

All right they did it to themselves

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