Published on Thursday, April 30, 2020

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'.

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