Debt and coronavirus push Hertz into bankruptcy protection.
The Associated Press
Hertz and its subsidiaries will continue to operate, according to a release from the company. Hertz's principal international operating regions and franchised locations are not included in the filing, the statement said. “No business is built for zero revenue,” former CEO Kathryn Marinello said on the company’s first-quarter earnings conference call May 12. “There’s only so long that companies’ reserves will carry them.”
In a note to investors in late April, Jefferies analyst Hamzah Mazari predicted that rival Avis would survive the coronavirus crisis but Hertz had only a 50-50 chance “given it was slower to cut costs.” Deutsche Bank analyst Chris Woronka credited Marinello with reigniting Hertz's revenue growth, writing in a note to investors that it rose 16% in 2018 and 2019 combined.
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