Hertz Says Pandemic Decimated Revenue, Leading to Bankruptcy
- Document says that Hertz’s global revenue slid 73% in April
- Car rentor was unable to negotiate longer-term debt reprieve
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Hertz Global Holdings Inc., the car-rental company which filed for bankruptcy late Friday, said the collapse in air travel amid the coronavirus pandemic hit its biggest source of rental revenue.
“The overall impact of the Covid-19 crisis devastated our revenue,” according to a court filing dated Sunday signed by Jamere Jackson, an executive vice president and chief financial officer of Hertz.