The Hertz rental bay at San Francisco International Airport in San Francisco, California, the US, April 30 2020. Picture: JUSTIN SULLIVAN/AFPgot an eleventh-hour reprieve from a potential bankruptcy from its lenders, who gave the struggling car rental company more time to work out a rescue plan after it missed a debt payment.
Hertz had been talking with some of its creditors about how to ease its burden without going through bankruptcy, though the company was preparing to file for chapter 11 court protection if needed, according to people with knowledge of the matter. They asked for anonymity to discuss the confidential talks.
While the US government has a $50bn bailout plan for airlines, Hertz has not been able to access that programme, and its chief rival, Avis, had a stronger balance sheet going into the crisis.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hertz gets eleventh-hour reprieve to fight off bankruptcyThe car rental company has less than three weeks to work out a rescue plan after it missed a debt payment
Source: BDliveSA - 🏆 12. / 63 Read more »
Hertz gets eleventh-hour reprieve to fight off bankruptcyThe car rental company has less than three weeks to work out a rescue plan after it missed a debt payment
Source: BDliveSA - 🏆 12. / 63 Read more »