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Hertz preparing to file for bankruptcy as soon as Friday night: WSJ

JacksinPA

JacksinPA

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Hertz preparing to file for bankruptcy as soon as Friday night: WSJ - Reuters

(Reuters) - Car rental firm Hertz Global Holdings Inc (HTZ.N) is preparing to file for bankruptcy as soon as Friday night after failing to reach a standstill agreement with its top lenders, the Wall Street Journal reported on.wsj.com/2A4ONKs, citing people familiar with the matter.

The company, which operates the Hertz, Dollar and Thrifty car-rental brands, had been holding talks with creditors after missing significant car-lease payments in April. Forbearance and waiver agreements on the missed payments were set to expire on Friday.
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Another sign of the 'new normal.' Can Avis be far behind? I worked as a car rental agent at the Avis franchise in Mt Vernon, NY during college.
 
JacksinPA said:
Hertz preparing to file for bankruptcy as soon as Friday night: WSJ - Reuters

(Reuters) - Car rental firm Hertz Global Holdings Inc (HTZ.N) is preparing to file for bankruptcy as soon as Friday night after failing to reach a standstill agreement with its top lenders, the Wall Street Journal reported on.wsj.com/2A4ONKs, citing people familiar with the matter.

The company, which operates the Hertz, Dollar and Thrifty car-rental brands, had been holding talks with creditors after missing significant car-lease payments in April. Forbearance and waiver agreements on the missed payments were set to expire on Friday.
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Another sign of the 'new normal.' Can Avis be far behind? I worked as a car rental agent at the Avis franchise in Mt Vernon, NY during college.
Click to expand...

The travel industry is going to contract by solid double digits. This will be the first of many. Of course, the thing about bankruptcy is that each of Hertz' creditors gets paid only a fraction of what they are due, which will hurt the cash flow of each one of them. I have no idea how long this recession will last, but already very deep and thus likely will take a long time to right.

Its a good time to be a bankruptcy attorney.
 
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