Hertz Chapter 11 ?

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Airbrusher
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Hertz Chapter 11 ?

Post by Airbrusher » Tue May 05, 2020 4:51 am

Hertz Global Holdings stock fall more than 20% in after-hours trading on 04/05/2020. This happens after it emerged that the rental car company has reportedly taken another step towards a potential bankruptcy filing. It was already reported that Hertz was preparing for bankruptcy last month after the rental car firm failed to make lease payments on its fleet of rental cars. Not only Hertz but also other rental car companies were already losing big market share even before the pandemic. Reason was that the rise of ride-sharing firms like Uber and Lyft have gradually eaten away at their business.

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Coolboy30
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Post by Coolboy30 » Tue May 05, 2020 4:58 am

Very interesting information. Thank you @Airbusher. As a consquence it is for the time being better not to book at Hertz. There might be a risk that you don`t get a car and your prepayment and/or deposit is lost. :(

Luxury
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Post by Luxury » Wed May 06, 2020 2:27 am

Hertz recently still announced that the 2020 Loyalty status is extended through January 31, 2022. But apparently points extension is not being done automatically. It must be "opted into". It is said in an email that "your points will be available starting June 1, 2020 – and they’ll be valid through December 31, 2020." I don`t know what finally will happen. :x

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Cowling
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Post by Cowling » Thu May 07, 2020 4:38 pm

I imagine that other car rental companies are well prepared to take over Hertz as soon as they become bankrupt. It wouldn't be the first takeover :lol:

Goahead
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Post by Goahead » Tue May 12, 2020 7:44 am

Hertz have found a last minute agreement with creditors. So there is no more any need for chapter 11 for Hertz. :D

NationalFan
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Post by NationalFan » Mon May 18, 2020 2:29 am

Hertz is in the clear till may 24th. If they pay up by 24th then they may have to file. I have heard that Avis/Budget would probably buy Hertz.

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Airbrusher
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Post by Airbrusher » Mon May 18, 2020 3:43 am

NationalFan wrote:
Mon May 18, 2020 2:29 am
I have heard that Avis/Budget would probably buy Hertz.
I hope that Hertz will survive. Better to have more competitors on the market than only a few. This is good for prices and interesting fleets. :D

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Airbrusher
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Post by Airbrusher » Sat May 23, 2020 9:03 am

Now it is official. Hertz in US and Canada entered chapter 11. Will see whether Hertz will survive. :evil:

Bahamas
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Post by Bahamas » Sun May 24, 2020 3:12 am

Airbrusher wrote:
Sat May 23, 2020 9:03 am
Now it is official. Hertz in US and Canada entered chapter 11. Will see whether Hertz will survive. :evil:
I have some doubts. They have obviously billions of debts. I wonder how somthing like this is possible and why nobody said earlier "stop"? :o

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Airport
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Post by Airport » Sun May 24, 2020 12:53 pm

Bahamas wrote:
Sun May 24, 2020 3:12 am

I have some doubts. They have obviously billions of debts. I wonder how somthing like this is possible and why nobody said earlier "stop"? :o
A management issue supported by Covid-19 of course. It will become tough for Hertz :mrgreen:

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