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Hertz files for Chapter 11 bankruptcy [merged]

billymach4

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Wish I had better news to share.
Used to rent from Hertz.

 

davidvel

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Business as usual. Will negotiate (eliminate lots of) debt, and continue on. Hertz will be renting again just like they have. Vat a country!
 
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I personally only rent from Enterprise. Unlike Hertz, Enterprise has plenty of neighborhood locations. And they're cheaper than Hertz. I wish National had more neighborhood locations as I loved picking out my car. Having Enterprise do it has been about 95% good. The only times they picked out a "dud" was one month I did a full-size and got a nice Ford Fusion. The next month, I did a full-size and got a nice (but not as much technical goodies) Chevrolet Malibu. Another time, I selected an intermediate SUV, but it was a Mitsubishi and the legroom was small for me (and anyone else over 5'10").

So, I just choose a full-size pickup and that is more than enough leg room. Another plus is at the end of the year, they give a ton of bonuses, I racked up thousands of points in a few rentals.
:banana:
TS
 

pedro47

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This is a very good by Hertz. They can elimnate debt, rental automobile overhead, some locations and employees legally. IMHO.
 

Makai Guy

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This is a very good by Hertz. They can elimnate debt, rental automobile overhead, some locations and employees legally. IMHO.
But not a good thing for all the other companies they owe money to, some of which are probably hanging on by their fingertips themselves. The ripples in the Covid-19 pool keep expanding.
 

pedro47

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But not a good thing for all the other companies they owe money to, some of which are probably hanging on by their fingertips themselves. The ripples in the Covid-19 pool keep expanding.
Your observation are correct. Over fifty years ago, I was an employee with a major employer that went bankruptcy . I received 10% of my pay checks after they completed the process. I was not happy. I had a family to support and bills to pay. There were no forgiveness of debt from anyone.
 
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jabberwocky

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The biggest proportion of their liabilities is for vehicle leases and vehicle securitizations. Hertz doesn’t actually own most of their vehicles. They will have about 60 days before the creditors on these leases can repossess the vehicles to resell as used vehicles. Will be hard to run a rental company with so few cars.
 

Ken555

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Let’s not forget that Hertz also owns Dollar and Thrifty.

If the travel industry is forecasting significant continual reduction in business (and leisure) travel for the next year or three, then I suspect we will find a glut of these cars in the used marketplace. Or, perhaps they will sell them overseas like other countries.

I have had status with Hertz for many years and have rented in many countries with them, but I can’t say they were really any better than any other. The brand is generally well respected in business travel, so I expect some entity will acquire it at some point.


Sent from my iPad using Tapatalk
 

bobpark56

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My understanding is that the bankruptcy applies only for Hertz USD, not for Hertz in other countries.
 
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