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You are here: Home / News / Hertz Global Holdings Files for Chapter 11 Reorganization

Hertz Global Holdings Files for Chapter 11 Reorganization

May 26, 2020 By CollisionWeek Editor

Rental provider has $1 Billion in cash on hand to support continuing operations as coronavirus crisis impacts business.

Hertz Global Holdings, Inc. (NYSE:HTZ) on May 22 announced it and certain of its U.S. and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.

Hertz logoThe impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company’s revenue and future bookings. Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity. However, uncertainty

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Filed Under: News Tagged With: Bankruptcy, Hertz

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