It survived the Great Depression and World War II. The coronavirus pushed it to bankruptcy

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It survived multiple financial crises. But late Friday, Hertz filed for bankruptcy protection as the pandemic razes the travel industry and cripples the company’s ability to pay off a massive pile of debt.

The pandemic decimated a large part of Hertz’s revenue that depended on rentals at airports. While U.S. airlines have managed to avoid bankruptcy by brokering billions of dollars in aid from the U.S. government, Hertz and its car-rental brethren were left to fend for themselves.

Other car-rental companies such as Enterprise and Avis are facing the same crisis, but Hertz’s heavy debts and acquisition strategies have left

Read more    Source: fortune.com

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