Car rental firm Hertz files for bankruptcy protection in the US after its business was decimated during the Covid-19 pandemic
In this file photo a sign is posted at the Hertz Rent-A-Car rental lot at San Francisco International Airport on April 30, 2020 in San Francisco, California.
The firm, whose largest shareholder is billionaire investor Carl Icahn with a nearly 39 percent ownership stake, is reeling from government orders restricting travel and requiring citizens to remain home. US airlines have so far avoided similar fates after receiving billions of dollars in government aid, an avenue Hertz has explored without success.
Hertz's woes are compounded by the complexity of its balance sheet, which includes more than $14 billion of securitized debt. Hertz earlier signalled it could avoid bankruptcy if it received relief from creditors or financial aid the company and its competitors have sought from the US government.
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