Hertz fires for Chapter 11
The impact of coronavirus 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 remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated action.
The financial reorganization will provide Hertz a path toward a more robust financial structure that best positions the Company for the future as it navigates what could be a prolonged travel and overall global economic recovery.
Hertz's principal international operating regions including Europe, Australia and New Zealand are not included in today's U.S. Chapter 11 proceedings.
In addition, Hertz's franchised locations, which are not owned by the Company, also are not included in the Chapter 11 proceedings. ■