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Hire ideals: Hertz scrambles to avoid bankruptcy as travel ban hits rentals

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A Corvette sits outside of a Hertz rental location in Paramus, New Jersey. Photo: Bloomberg News

A Corvette sits outside of a Hertz rental location in Paramus, New Jersey. Photo: Bloomberg News

BLOOMBERG NEWS

A Corvette sits outside of a Hertz rental location in Paramus, New Jersey. Photo: Bloomberg News

CAR-hire giant Hertz Global Holdings is doing everything it can to preserve cash and get leniency from its lenders to avoid a bankruptcy filing amid a collapse in the travel industry, CEO Kathryn Marinello said in an interview.

The company has been in discussions with creditors for weeks and is still pushing the US Treasury Department to help rental-car companies, which Marinello says have been hit as hard as the airline sector by the coronavirus pandemic.

“We are seeking the support of our lenders and banks,” said Marinello, whose biggest shareholder at Hertz is billionaire investor Carl Icahn.

The company’s shares fell 16pc in New York trading after earlier reports that it was preparing for possible bankruptcy.

Bloomberg

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