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