, Columnist
How Carl Icahn's Hertz Car Rental Got Dented
Hertz has bought itself time in its fight for survival, but the immediate future looks bleak for the car rental industry.
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Forget cruise ships, for a sector that’s really suffering in the pandemic look no further than car-rental operators such as Hertz Global Holdings Inc.
On Tuesday, the Florida-based company reached last-minute forbearance and waiver agreements with its debt holders to buy it time to deal with a liquidity crunch. Hertz now has until May 22 to sort out a problem that arose last month, when it stopped making payments on some of the cars it leases from a special purpose vehicle. Bloomberg News had reported that Hertz was preparing to file for bankruptcy protection unless creditors cut it some slack.