Hertz first victim of Covid Crolla on Wall Street (-43.6%)


Crushed by debt and without worldwide revenues for the pandemic, one of the most well-known car rental brands is about to declare bankruptcy. According to Wall Street Journal Hertz is risking bankruptcy and would be the first major company to be hit by the coronavirus pandemic. On Wall Street its stocks plummeted losing 43.6% of its value on Friday 22 May alone. According to the radiography made by the international financial newspaper Hertz he would have missed the payment of a lease last month and convinced the creditors to wait a few more days before declaring the default. Hertz Global Holdings Inc. is therefore on the verge of bankruptcy and will seek chapter 11 protection under American law.

Hertz’s financial situation was difficult already at the beginning of the year, and obviously the worldwide lockdown gave her the coup de grace. Hertz has a debt of approximately $ 19 billion on its shoulders, consisting of $ 4.3 billion in corporate bonds and loans and $ 14.4 in vehicle-backed debt at special financing branches.

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