Posted on 05/04/2020 6:51:34 PM PDT by Hojczyk
Hertz Global Holdings Inc. is preparing to file for bankruptcy as soon as Monday night if the company fails to rework its debt and can’t get lenders to extend a grace period on a missed payment.
The rental-car company has been talking to some of its creditors about how to ease its burden without going through bankruptcy, but negotiations have been a struggle and the company is preparing to file for Chapter 11 court protection, according to people with knowledge of the matter.
Hertz could file this evening, though Tuesday would be more likely if a deal isn’t reached. The situation could still change and a filing isn’t definite, said the people, asking for anonymity to discuss the confidential talks. A representative for Hertz didn’t return an email and calls seeking comment.
A Chapter 11 filing would permit Hertz to stay in business while it works out a plan to pay its creditors and turn the business around. The company expanded its roster of advisers to include FTI Consulting Inc., which specializes in restructuring and bankruptcy cases, the people said, confirming an earlier report by the Wall Street Journal.
(Excerpt) Read more at finance.yahoo.com ...
Hertz, don’t it?
couldn’t resist
lay this and all the rest at the feet of the hyper-scared overreactionaries
Gonna be a lot of newer, low milage cars for sale soon.
So does Avis go to Number One, then? Will they still try harder?
The Hertz car rental fleets will add to an already painfully stressed new and used car market. This bankruptcy by Hertz will also hurt individual sellers who are trying to unload their cars due to bankruptcy or being over-extended on debt.
Dang Nabbit! I just rented a car from Budget. Was $2 cheaper per day. Penny pincher!
At Santa Anita Park, world famous horse track in Arcadia, CA there are literally hundreds of cars parked in the YUGE parking lot. The local talking heads...I just can’t refer to them as “news”...tell us that they are all rental cars that the rent-a-car companies needed to find a place to park. I’m talking hundreds, maybe thousands.
I agree on the soon-to-be used cars deals aplenty.
There go all my Gold points.
All car rental companies are pretty much screwed.
All the Uber/Lyft drovers leading their cars from Uber/Lyft are screwed.
I’m sure millions of FICO scores will drop hundreds of points each.
I think they are just doing a restructuring of the debt. Probably wont be selling the fleet and closing it’s doors forever.
In a recent interview Martin Armstrong said that instead of printing money like crazy all they really needed to do was cancel the debt payments until the country opens back up.
Nope,they’ll go to the crusher.
20 years ago a Hertz gold card was magic carpet.
Now it’s just another traveling pain in the ass.
What a great ad. For the 1960s, very eye-catching.
Maybe you could play it in reverse to promote the Rapture!
Enterprise is number 1
Enterprise controls National and Alamo
Hertz controls Dollar and Thrifty
Avis Controls Budget, Payless, and Zipcar.
Rent-a-Wreck is independent
Hertz office by me closed doors and divested fleet already.
Nothing left indicating they were ever there.
Nahh, there's going to be a hell of a lot of high mileage cars at the auction house soon. They have a huge inventory turned back by Uber and Lyft drivers.
The rule for retail is that the company will come out of its first Chapter 11 smaller but functional. It’s the second trip through that finishes them off. Probably works for rental car companies, as well.
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