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Hertz Did What!? Car Rental Company May Be on the Road to Bankruptcy

BREAKING NEWS!

WSJ has reported that Hertz could potentially be filing for bankruptcy after missing a lease payment. It is no secret that many businesses are struggling to keep their heads above water in the midst of COVID-19. But Hertz has been struggling to sort out ways to limit costs during the pandemic. Just earlier this month, they laid off 10,000 out of their 38,000 staff members. And have been trying to negotiate ways to lessen debts related to their fleet of rental cars.

A Hertz representative provided Business Insider with the following statement:

“As a result of the pandemic and the uncertainty about the timing and strength of a recovery, Hertz is taking aggressive actions to preserve liquidity to support its ongoing operations,” they said. “We are reducing expenses, deferring capital expenditures, and adjusting fleet levels and staffing based on the significant decline in travel demand. Our 8-k today provided an update on our vehicle financing. Importantly, conversations with our lenders are ongoing and we remain in discussions with the U.S. Treasury for support.”

Business Insider 04/29/2020

But Hertz has been so good to us…

Stay strong Hertz! It’s just too bad, because we love Hertz at Coworkaholic. There were those times we earned all of those UA MileagePlus miles just for using them. There were many times where it was more beneficial to rent a car from Hertz rather than using rideshare after hitting President’s Club status. It would be rather inconvenient to lose these kinds of privileges.

We’ll see how this all goes down after Hertz figures out what to do at the conclusion of the grace period on May 4th. 

What is your take on this news? Maybe you’re just as disappointed as we are? We’ll be sure to keep up on any additional info as it comes out…

The post Hertz Did What!? Car Rental Company May Be on the Road to Bankruptcy was first published on Coworkaholic.

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