Hertz Files for Chapter 11 Bankruptcy Protection in USA

Hertz has filed for Chapter 11 bankruptcy protection in the USA.

Hertz's international operating regions including Europe, Australia and New Zealand, as well as the franchised locations not owned by the company, are not included in the Chapter 11 proceedings.

"Hertz has over a century of industry leadership and we entered 2020 with strong revenue and earnings momentum," said Hertz President and CEO, Paul Stone. "With the severity of the COVID19 impact on our business, and the uncertainty of when travel and the economy will rebound, we need to take further steps to weather a potentially prolonged recovery."

Mr. Stone added that starting Chapter 11 proceedings "will protect the value of our business, allow us to continue our operations and serve our customers, and provide the time to put in place a new, stronger financial foundation to move successfully through this pandemic and to better position us for the future. Our loyal customers have made us one of the world's most iconic brands, and we look forward to serving them now and on their future journeys."

All of Hertz's businesses globally, including the Hertz, Dollar, Thrifty, Firefly, Hertz Car Sales, and Donlen subsidiaries, remain open.

Reservations, promotional offers, vouchers, and customer and loyalty programs, including rewards points, are also expected to continue as usual.

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