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Hertz Global Holdings filed for Chapter 11 bankruptcy protection on Friday, though the car rental company said it would be able to continue operations as it begins restructuring.
The company had been negotiating with creditors to reduce payments required under its vehicle operating lease as its revenues plummeted due to the Covid-19 crisis. It was not able to negotiate long-term agreements with creditors, nor was it able to access assistance from the U.S. government, according to Hertz.
"With the severity of the Covid-19 impact on our business, and the uncertainty of when travel and the economy will rebound, we need to take further steps to weather a potentially prolonged recovery," newly appointed president and CEO Paul Stone said in a statement. "Today's action will protect the value of our business, allow us to continue our operations and serve our customers, and provide the time to put in place a new, stronger financial foundation to move successfully through this pandemic and to better position us for the future."
Hertz now will file "First Day" motions to enable it to continue operations. All brands, including Hertz, Dollar and Thrifty, will continue operations, and current reservations, vouchers and loyalty program points will be honored, according to Hertz. The company currently has more than $1 billion in cash available to support continuing operations, Hertz reported.
Hertz already has been reducing its fleet through vehicle sales and canceled orders, consolidating off-airport rental locations and has laid off or furloughed about half of its global workforce, about 20,000 employees.
The bankruptcy filing includes Hertz and its U.S. and Canadian subsidiaries. Its franchised locations and operations in Europe, Australia and New Zealand are not included in the Chapter 11 proceedings.
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