Hertz Files for Bankruptcy After Rental-Car Demand Vanishes

(Bloomberg) — Hertz Global Holdings Inc. filed for bankruptcy in Delaware after sweeping travel restrictions and the global economic collapse destroyed demand for its rental cars.The Chapter 11 filing allows the company to keep operating while it devises a plan to pay its creditors and turn around the business. The second-largest U.S car-rental company began laying off workers to preserve cash in March as emergency measures to contain the coronavirus halted business and leisure travel. Hertz disclosed on April 29 that it had missed substantial lease payments related to its rental cars. It named a new chief executive officer in …read more

Source:: Yahoo Finance