The rental company is in a delicate situation as much of the income comes from car rental at airports
Car rental company Hertz Global Holdings, more than a century old, filed for bankruptcy on Friday after its business disappeared during the coronavirus pandemic and talks with its creditors failed to provide the necessary relief.
In a United States court filing, the company voluntarily filed for a company reorganization. Its international operating regions, including Europe, Australia and New Zealand, were not included in the US procedures.
Hertz at airports
A large portion of Hertz’s revenue comes from car rentals at airports, which have evaporated as potential customers avoid air travel, according to CNBC.
With nearly $ 19 billion in debt and approximately 38,000 employees worldwide at the end of 2019, Hertz is among the largest companies that the pandemic is going to undo.
The public health crisis caused by the pandemic has also caused a cascade of bankruptcies or preparations among companies that depend on consumer demand, including retailers, restaurants, and oil and gas companies.
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