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

Stock MarketsMay 22, 2020 06:15PM ET
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© 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 http://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
 

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Comments (28)
Vincent Alozie
Vincent Alozie May 23, 2020 8:47AM ET
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Thanks... so as early as Monday morning, I will sell my shares. lol
Diddl One
Diddl One May 23, 2020 6:20AM ET
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That leaves more growth potential for the tech giants so Markets will take this as positive, just as they do with all bad news. Never thought that the downfall of an economy could be something positive. Well, always happy to be amazed and learn.
Francesco Lucchesi
Francesco Lucchesi May 23, 2020 3:55AM ET
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but isn't our hero trump gonna write a cheque for it ?
Tim Bland
Tim Bland May 23, 2020 3:55AM ET
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No, only the democrats do wasteful bailouts.
Patron Silver
Patron Silver May 23, 2020 3:55AM ET
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sorry ur prez is a socialist now
ChinaWuhanVirus CWV
ChinaWuhanVirus CWV May 23, 2020 3:54AM ET
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Hertz CEO should call CCP agents in Beijing..they buy all debts.
Valentin Alin
Valentin Alin May 23, 2020 2:35AM ET
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Hertz Dollar and Thrifty company that accepted my debit card for renting car, and took my money, but it did kot give me the car for the reson that I payed with debit card and they accepted just credit card, but again, they took my miney and no refunds. They got what they deserves.
Mayorl Seeslo
Mayorl Seeslo May 23, 2020 12:40AM ET
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let's all join hands and thank China for the return of the favor for giving them business and prosperity.
Artsiom Karabanau
Artsiom Karabanau May 23, 2020 12:40AM ET
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what a silly comment....
Robert Dziadkowiec
Robert Dziadkowiec May 22, 2020 10:59PM ET
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As usual, bad news thus stock market UP UP on Tuesday and Wednesday
Pratt Man
Pratt Man May 22, 2020 10:08PM ET
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way to go Trump
Tony Ramirez
Tony Ramirez May 22, 2020 10:08PM ET
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Some Democrats will blame Trump for stuff that happened before he was even born
Nathan Thurai
Nathan May 22, 2020 10:08PM ET
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Most of the things he created by his tweets, no need to look further..
Umut Saglam
Umut Saglam May 22, 2020 7:34PM ET
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Tuesday just buy puts and then sell it ez money
Nick Trimper
Nick Trimper May 22, 2020 7:34PM ET
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except IV would destroy you...
Anthony Anthony
Anthony Anthony May 22, 2020 7:16PM ET
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Do I still need to return my Hertz rental?
Mohamed Saadeldin
Mohamed Saadeldin May 22, 2020 7:16PM ET
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lol
Justin Justice
Justin Justice May 22, 2020 7:04PM ET
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on tuesday. should we buy or sell?
Daniel Harris
Daniel Harris May 22, 2020 6:31PM ET
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wait, no bail out? what's the reasoning?
James Zell
James Zell May 22, 2020 6:31PM ET
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they weren't in the club. gentile owned and operated
Ofulue Pattrick
Ofulue Pattrick May 22, 2020 6:30PM ET
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really a falling knife
Amro Haddadin
Amro Haddadin May 22, 2020 6:25PM ET
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Anothet falling knife
Justin Justice
Justin Justice May 22, 2020 6:19PM ET
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should we buy hertz shares now? and wait for recovery
takunda chikukwa
takunda chikukwa May 22, 2020 6:19PM ET
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I don't recommend that move.
Kam Bass
Kam Bass May 22, 2020 6:19PM ET
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Yes. Buy now. Best time to buy
Kam Bass
Kam Bass May 22, 2020 6:19PM ET
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It can only go up from here. Unless it goes bankrupt then we get the nav value
Raksmey Koy
Raksmey Koy May 22, 2020 6:16PM ET
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So, will USD go down on Monday?
British Service
British Service May 22, 2020 6:15PM ET
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We will be at top at nyc-se by end of this year Good God Willing with 75 trillions usd at Nyc-se. Thanks a lot for your Co-Operations .Rawno J
maga king
maga king May 22, 2020 6:11PM ET
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karma. total scam
Gas Hog
Gas Hog May 22, 2020 6:10PM ET
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They missed April payment and they file bankruptcy ? Its a smart move to preserve whatever cash they have. I suppose there will be more of this.
Larry West
Larry West May 22, 2020 6:10PM ET
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Tesla was going to sell Hertz 100k model 3's oh well.
Larry West
Larry West May 22, 2020 6:07PM ET
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lots of Hertz Z06 on sale now 60k for a 90k 1 year old car. my hertz gold status just went out the window too?
Star Fire
Star Fire May 22, 2020 6:07PM ET
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is it that bad😣
Allen Eaton
Allen Eaton May 22, 2020 6:07PM ET
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......and the economy is doing great ?? Riiiight. !
Gas Hog
Gas Hog May 22, 2020 6:07PM ET
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You got it Bro, we have a booooooming economy, look at the stock market!!!!!!!!!!!!! I am bewildered with what is happening.
Wojciech Cies
Wojciech Cies May 22, 2020 6:07PM ET
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Gas Hog It's yuuuge
Robert Predicts
Robert Predicts May 22, 2020 6:06PM ET
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Horrific.
Rose Naomi
Rose Naomi May 22, 2020 6:04PM ET
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that's what they got for not letting young people get rentals
trevor hron
trevor hron May 22, 2020 6:04PM ET
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Wrong. That rule is there for a reason
 
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