FAST FIVE: Hertz Files For Bankruptcy As Lockdowns Crush Rental Car Industry

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By declaring bankruptcy, Hertz said it intends to stay in business while restructuring its debts and emerging a financially healthier company.

Hertz had $18.8 billion of debt on its books as of March 31, up $1.7 billion from the end of last year.

  Hertz's woes are compounded by the complexity of its balance sheet, which includes more than $14 billion of securitized debt.

Its US workforce stood at 38,000 employees at the start of the year, with about a quarter of them represented by unions.

He began the nation's first national rental network in 1925 and opened its first airport location at Chicago Midway Airport in 1932.

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