Hertz files for bankruptcy protection | Car News

Motor vehicle rental company Hertz submitted for bankruptcy protection this past Friday. The company has been unable to withstand the devastating consequences of the pandemic that has practically set an conclude to globally travel and, with it, threatened the 102-yr-previous company’s operations.

Hertz was founded back in 1918 by Walter L. Jacobs. He offered his company, initially termed Hire-A-Motor vehicle Inc., to John D. Hertz in 1923.

Now, the company is remaining crushed beneath the body weight of its debts. Hertz’ loan providers refused to give the company, centered in Estero, Florida, a further extension to make its payments past

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Hertz in talks with banks for new financing amid travel bans, report says

Hertz Global Holdings Inc. is talking about selections with banks to raise dollars as the rental-car or truck organization seeks to climate a around the world slowdown in journey, in accordance to persons with knowledge of the subject.

Amid the selections staying mentioned by the organization and banks led by Barclays Plc are a initial-lien loan, 2nd-lien financing or collateralizing the company’s car fleet. Hertz has also requested the U.S. Treasury Department for a loan.

Although no choices have been produced, the organization, loan companies and prospective buyers have mentioned a initial-lien loan of as substantially as various hundred million

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