Debt, coronavirus push Hertz into bankruptcy protection

Times of Israel | May 23, 2020 at 5:53 PM
  • Hertz filed for bankruptcy protection Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company’s business.
  • By the end of March, Hertz Global Holdings Inc. had racked up more than $24 billion in debt.
  • In a note to investors in late April, Jefferies analyst Hamzah Mazari predicted that rival Avis would survive the coronavirus crisis but Hertz had only a 50-50 chance “given it was slower to cut costs”.