Hertz files for bankruptcy as coronavirus is keeping affecting the economy

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Published by iTrucker at 23 May

Hertz files for bankruptcy as coronavirus is keeping affecting the economy

By: Mario Pawlowski CEO at iTrucker

 

Hertz, one of the largest car rental company in the world, filed for Chapter 11 bankruptcy this Friday after failing to reach an agreement with lenders, The Wall Street Journal first reported.

Hertz was operating one of the largest worldwide vehicle rental companies under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. According to the court documents.

According to the article in the Business Insider-“Hertz has around $19 billion in debt, which includes roughly $4.3 billion in corporate bonds and loans as well as $14.4 billion of debt backed by the company’s fleet of vehicles, and lenders had asked the company for upfront payment on some of those obligations but couldn’t get it to agree, according to The Journal.”

Read more HERE at businessinsider

 

Source and credits: businessinsider.com

 

iTrucker  / Mario Pawlowski 

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