Hertz, one of the largest car rental companies in the world, filed for bankruptcy in the United States and Canada on Saturday, the company writes in a press release. The car rental company had been suffering from high debts for a long time and the corona crisis subsequently gave the final push.
The bankruptcy filing applies only to North America and does not apply to the Company's major markets, including Europe, Australia and New Zealand.
"The impact of the corona crisis on travel demand was sudden and significant, causing an acute drop in revenues and future bookings," said Hertz in the press release.
A conversation with creditors about an extension of the deferment of payment came to nothing at the last minute. Hertz had already been deferred on payments of $ 400 million in April, the deadline of which expired on Friday.
Hertz has a debt of $ 19 billion (€ 17.4 billion) and is stuck with some 700,000 vehicles that are currently largely unused due to the corona crisis.