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Heavily in debt, the company Hertz is finally declared bankrupt. Already weakened, the second car rental company in the us has seen its business plummet with the crisis of the coronavirus, including because of the closure of airports. In April, Hertz had already announced the removal of 10,000 jobs in the United States.
read also : Hertz files a petition for bankruptcy in the United States and CanadaThe company is therefore placed under the protection of article 11 of the u.s. bankruptcy code. This device must enable a firm has incurred debts with its creditors to undertake restructuring actions, according to a plan drawn up in agreement with them, and validated by a court. This procedure will only apply to the activities of Hertz in the United States and Canada.
other subsidiaries, and, in particular, the French subsidiary, should be spared, insisted the director general of Hertz, Paul E. Stone, in a press release : the bankruptcy procedure excludes transactions in Australia, Europe and New Zealand, as well as the franchises of the company.
Sectorso far, the French subsidiary of Hertz is preparing for a reorganization of its activity, which fell by 90% during the confinement. In an interview given to Motor Fleets, its director Arnaud Perard spoke of "a deep review of the fleet plan", while acknowledging "that it is impossible to control the future". The activity of Hertz, which counts 30,000 vehicles in France, depends on the recovery of business travel and tourism.
In the waiting, the firm must bear fixed costs are important because of its presence in the airports and major train stations.
The whole sector of the rental of the vehicles affected by this situation. The French competitor of Hertz, Europcar, has obtained a 220 million euro loan guaranteed by the State, which does not prevent him to engage in a savings plan dramatically: the Europcar Mobility Group announced 850 million euros of cost reductions on 2020.
see also - Bruno Le Maire: "Renault can bounce and will bounce back"
