Another down the Gurgler .......
Posted: Sat May 23, 2020 10:48 amCar 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.
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.