Read Full Article
The coronavirus pandemic has devastated Hertz by grounding business travelers and tourists, making it impossible for the company to continue paying its lenders...
They were doing quite well, but when you turn off the revenues and you own all these cars and all of a sudden the cars are worth less it's a very tough business.
Today's action 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.
Hertz is a resilient company, with resilient brands and resilient people.
If our business does not recover quickly and we are unable to successfully restructure our substantial indebtedness, obtain further waivers or forbearance or raise additional capital, there is substantial doubt that we will be able to continue as a going concern.
I have no doubt that had the coronavirus not happened that Hertz would have eventually achieved its turnaround.
The company lost a lot of momentum during that time.
That was the beginning of their troubles.
During his tenure at Hertz, Mark presided over substantial value creation and operational improvements.