Debt, coronavirus push Hertz into bankruptcy protection

Debt, coronavirus push Hertz into bankruptcy protection

Hertz has filed for bankruptcy protection, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company's businessHertz filed for bankruptcy protection Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company's business.. Hertz and its subsidiaries will continue to operate, according to a release from the company.. Hertz's principal international operating regions and franchised locations are not included in the filing, the statement said.. Hertz Global Holdings Inc. had racked up $18.7 billion in debt with only $1 billion of available cash.. Starting in mid-March, the company - whose car-rental bands also include Dollar and Thrifty - lost all revenue when travel shut down due to the novel coronavirus, and it started missing payments in April.. Hertz has also been plagued by management upheaval, naming its fourth CEO in six years on May 18."No business is built for zero revenue," former CEO Kathryn Marinello said on the company's first-quarter earnings conference call May 12. ". The company said the moves would save $2.5 billion per year.. Jacobs sold the company, initially called Rent-A-Car Inc., to John D.