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Hertz car-rental company reportedly prepping

  • Leader
    Oct 18
    Hertz is preparing for a potential bankruptcy filing, The Wall Street
    Journal reported Wednesday.The situation is fluid, sources told the
    paper, as the company hopes to reduce lease payments by May 4.The
    company laid off 10,000 employees — more than a quarter of its total
    workforce — in April.Visit Business Insider's homepage for more
    stories.To get more news about WikiFX, you can visit wikifx official website.

      Car-rental company Hertz is preparing for a potential bankruptcy
    filing, The Wall Street Journal reported Wednesday, as the coronavirus
    pandemic brings nearly all travel to a standstill.People familiar with
    the matter told the paper that Hertz is working to reduce its debt
    payments and is in talks on a forbearance agreement that could help it
    avoid bankruptcy. The situation remains fluid, according to the
    Journal's sources.Hertz did not immediately respond to a request for
    comment from Business Insider. Shares of Hertz declined more than 15% in
    trading Wednesday, as broader indices rose, following The Wall Street
    Journal's report.

      The news of a possible bankruptcy arrives two days after Hertz on
    Monday said in a regulatory filing that it “did not make certain
    payments” on its operating lease as it remains in discussions with
    lenders to reduce its payments. If those discussions aren't fruitful by
    the first week of May, “Hertz could be materially and negatively
    impacted,” it said.Earlier in April, the company laid off 10,000 workers
    — about 26% of its workforce at the end of 2019 — “in an effort to
    align staffing levels with travel demand.”Ryan Brinkman, an analyst at
    JPMorgan, theorized on April 23 that government assistance could help
    Hertz remain solvent. “We do think a potentially large amount of cash
    could be made available to Hertz from the federal government,
    potentially solving any liquidity concerns, although we are also
    uncertain with regard to the terms,” he said in a note to clients.