And on a sad note, the only car rental company that didn't act like they were running a back alley carney show is folding the tent. Hopefully they can glue it back together without too many corporate culture changes. Honestly I don't think I could have continued traveling for work as long as I did without Southwest, Marriott and Hertz. No games, just an expectation that you'd be a very regular customer and they'll take care of the rest.
This feels so much like 2008.
Hertz Stock Is Plummeting After a Report That It Could Soon File for Bankruptcy
Hertz Global Holdings stock tanked in after-market trading following a report from The Wall Street Journal that said the rental car company was preparing to file for bankruptcy.
A Hertz (ticker: HTZ) representative did not immediately return a request for comment.
The Journal, citing an unnamed source, reported Hertz’ creditors wanted an up-front payment for another extension, but they couldn’t reach an agreement. The company could file for chapter 11 bankruptcy protection in the coming days, as soon as Friday night, the Journal added.
With the travel industry slammed to a standstill amid the pandemic, Hertz’s revenue streams vanished nearly overnight. Business travelers and family vacationers alike have shelved their plans. The company reached a forbearance deal with its creditors earlier in May that pushed the default clock back to Friday.
