Car Rental Giant Hertz Files for Bankruptcy

Posted on 05/23/2020

Estero, Florida-based company Hertz Global Holdings Inc. is the holding company of American car rental company The Hertz Corporation. Hertz Global Holdings filed for Chapter 11 bankruptcy protection. Hertz got impacted by the Wuhan coronavirus, as travel evaporated across the United States. The largest shareholder in Hertz is billionaire investor Carl Icahn. The Hertz Corporation owns Dollar and Thrifty Automotive Group.

Hertz had approximately US$ 19 billion of debt and roughly 38,000 employees worldwide as of the end of 2019. Hertz has about US$ 1 billion of cash. Hertz has nearly 700,000 vehicles, which most have been largely parked because of the great lockdown.