By Tony Winterburn • 23 May 2020 • 7:50
Hertz's reorganisation plan will eliminate over 4 billion euros of debt, including all of Hertz Europe's corporate debt.
THE more than a century old car rental firm Hertz Global Holdings Inc filed for bankruptcy protection on Friday 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 on Friday.
Hertz’s board had earlier in the day approved the company seeking Chapter 11 protection in a US bankruptcy court in Delaware, its international operating regions including Europe, Australia, and New Zealand were not included in the US proceedings, the company said.
Hertz had $19 billion of debt and roughly 38,000 employees worldwide at the end of 2019 and is among one of the largest companies to be undone by the pandemic.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don’t already have one. Review our
Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
Your email address will not be published. Required fields are marked *
Downlaod our media pack in either English or Spanish.