Hertz, the car rental giant with over one hundred years of history behind it, presented abankruptcy petition in the United States and Canada following the profound crisis experienced following the Coronavirus. The American giant appealed to the reorganization procedure ‘Chapter 11‘, A sort of controlled administration that therefore does not provide for a total closure but a reorganization. Before this step, which usually involves drastic measures to revive a company in this situation, Hertz still had to pay around $ 16 million in bonuses to its managers, an operation carried out the day after the appeal to Chapter 11.
Hertz, bankruptcy after over 100 years of history
Among the beneficiaries of the bonuses is also President and CEO Paul Stone, who received $ 700,000 while $ 600,000 are received by executive vice president and chief financial officer Jamere Jackson. Hertz is so far one of the most illustrious victims of Coronavirus: even if the company was already in a critical situation before Covid, with over 19 billion in debt, the epidemic and the consequent lockdown have sunken the rental giant that boasts around 38,000 employees worldwide.