COVID-19 Drives Car Rental Giant Hertz Into Bankruptcy

Law360 (May 22, 2020, 11:06 PM EDT) -- Hertz Global Holdings Inc. sought Chapter 11 protection in Delaware late Friday with roughly $24 billion in debt, limping badly from the effects of a global, COVID-19 related business downturn and filing its initial papers hours ahead of a creditor forbearance deadline on a multi-billion noteholder agreement.

The move followed a first-quarter report from Hertz two weeks ago that showed a $343 million net loss for the first three months of the year, largely due to the pandemic and a downturn in travel and rental operations. About 50% of the company's workforce has been idled through furloughs or layoffs.

"Hertz has...

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