Hertz in talks to stave off bankruptcy
Hertz Global Holdings is doing all it can to avoid a bankruptcy filing amid the Covid-19 crisis, according to reports in the US press.
CEO Kathryn Marinello told Bloomberg the car rental giant has been in talks with creditors for weeks and continues to push the US Treasury Department to help the sector, which she says has been hit as hard as the airline sector by the pandemic lockdowns.
Hertz disclosed yesterday that it has missed substantial lease payments.
In a regulatory filing it said if it doesn’t make payments by the end of a grace period on May 4, and if a sufficient number of lenders and note holders don’t agree to waive a resulting default, it could be ‘materially and negatively affected’.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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