Hertz Files for Bankruptcy

Hertz Global Holdings filed for Chapter 11 bankruptcy protection last week, though the car rental company says it will continue operations while it undergoes a restructure.

The company had been negotiating with creditors to reduce payments required under its vehicle operating lease as its revenues plummeted due to the Covid-19 crisis. It was not able to negotiate long-term agreements with creditors, nor was it able to access assistance from the U.S. government, according to Hertz.