Another down the Gurgler .......

camionpilot · by **camionpilot** » Sat May 23, 2020 10:48 am

Car rental company Hertz has filed for bankruptcy after travel came to a standstill during the coronavirus pandemic.
Despite being allowed to stay open as an "essential business", the firm was forced to close the majority of its branches across the UK and Ireland when COVID-19 hit.
The company lost all its revenue soon after the UK went into lockdown and plunged £15.3bn into debt by the end of March, court documents reveal.
It has also had to cut 12,000 jobs worldwide and put 4,000 more workers on furlough.
Hertz has filed for a Chapter 11 restructure, which means creditors will have to settle for less than full repayment of its crippling debts, but the business will still be able to operate.
It had already flagged major debt concerns in its first-quarter report released in May.
With only £820m cash available across the entire business, bosses feared they would not be able to keep operating.

shemarg · by **shemarg** » Sat May 23, 2020 12:34 pm

Oh my goodness this was one of the original car rental companies along with Avis. They were the only 2 more or less when I started in the travel industry in 1968. Certainly doesn’t bode well

PGA · by **PGA** » Sat May 23, 2020 12:40 pm

Also does not bode well for the car industry who offloaded a huge number of cars to Hertz.

Glassfull · by **Glassfull** » Sat May 23, 2020 4:34 pm

PGA wrote:Also does not bode well for the car industry who offloaded a huge number of cars to Hertz.

It doesn’t bode well for the second hand market either. A generous supply of ex-rental and ex-lease cars kept prices down

camionpilot · by **camionpilot** » Sat May 23, 2020 5:29 pm

There are thousands of vehicles in store on airfields, storage yards and warehouses,my local Ford main dealer in the UK has 2 huge lots [ 4/5 acres ] rammed full of new stock they are renting any spare space on ind estates as are the Nissan and Toyota dealers .

Friend who has a used car lot is overwhelmed with used cars as the main dealers dont want trade ins and tell owners to sell them themselves .. after this charade is over who is going to be in a position to be able to change there car..!!!

Another down the Gurgler .......

Another down the Gurgler .......

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