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

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

imageStock Markets4 hours ago (May 22, 2020 06:15PM ET)

(C) Reuters. Paris Charles de Gaulle airport in Roissy-en-France

(Reuters) – Car rental firm Hertz Global Holdings Inc (N:HTZ) 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 https://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.

The creditors had asked for upfront compensation from the company in exchange for a further extension, but the two sides could not come to an agreement, according to the WSJ report.

Hertz did not immediately respond to a request for comment.

The more than a century old car rental firm, whose largest shareholder is billionaire investor Carl Icahn, is reeling from government orders restricting travel and requiring citizens to remain home.

Estero, Florida-based Hertz has more than $18 billion of debt and roughly 38,000 employees worldwide as of the end of 2019.

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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

No Comments

Post A Comment