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posted by Fnord666 on Tuesday May 05 2020, @04:02PM   Printer-friendly
from the well-that-sure-hertz dept.

Hertz Seeking to Avoid Bankruptcy After Missing Lease Payment, Report Says:

Quarantines and other recent coronavirus measures have decimated travel, both globally and domestically. Of course, this has a ripple effect on tangential industries, as well, like car rentals. As developments continue, one report claims that a car-rental giant might be facing some big financial issues.

Hertz has failed to make a lease payment and is exploring a possible bankruptcy, The Wall Street Journal reports [$], citing sources familiar with the matter. In a statement to Roadshow, Hertz confirmed its financial situation: "We are reducing expenses, deferring capital expenditures, and adjusting fleet levels and staffing based on the significant decline in travel demand," said a Hertz spokesperson via email. "Importantly, conversations with our lenders are ongoing and we remain in discussions with the US Treasury for support."

[...] According to the WSJ report, Hertz is currently holding $17 billion in debt, an overwhelming majority of which is attributed to car notes on its rental fleet. Hertz, like competitors such as Enterprise, have laid off staff and tried to get the money together to continue operating during these lean times.


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  • (Score: 3, Interesting) by Anonymous Coward on Tuesday May 05 2020, @05:12PM (4 children)

    by Anonymous Coward on Tuesday May 05 2020, @05:12PM (#990782)

    Only payroll and pensions should be paid out right now. That's the demand we should make on the damn fed! Instead we give it to the bosses. That's fucked up

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  • (Score: 1, Interesting) by Anonymous Coward on Tuesday May 05 2020, @06:04PM (1 child)

    by Anonymous Coward on Tuesday May 05 2020, @06:04PM (#990797)

    Everything is on hold Except interest payments that is sacrosanct can’t mess with that, belongs to the 1%

    • (Score: 5, Insightful) by Bot on Tuesday May 05 2020, @07:10PM

      by Bot (3902) on Tuesday May 05 2020, @07:10PM (#990828) Journal

      This is the WHOLE POINT.

      Banks are not after money, THEY PRINT IT.

      The drill is, require people to borrow (simply drugging the market by the very existence of credit), borrowing is first an advantage then a need, feed on the inevitable bankrupcy. Wealth -> power -> control.

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      Account abandoned.
  • (Score: 0) by Anonymous Coward on Tuesday May 05 2020, @07:17PM

    by Anonymous Coward on Tuesday May 05 2020, @07:17PM (#990832)

    No you see, we need to give it to the investors so it will trickle down to the people losing their homes. It's the only way - think of the children! The poor, poor children :o

  • (Score: 3, Interesting) by Bot on Tuesday May 05 2020, @07:25PM

    by Bot (3902) on Tuesday May 05 2020, @07:25PM (#990834) Journal

    Not even that. Freeze all debt and all credit and all markets, have the army distribute food, have essential services manned by volunteers (paid in future tax breaks). There leaves the prob of getting raw materials, if the neighbours don't help you send them the starving infected, or nuke, depending if you are leaning left or right.

    I am kidding but it's 2/3 of a good plan. No market no market loss. No money no need for money.

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