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Hertz files for bankruptcy

23-05-2020, 11:14

Hertz Global Holdings Inc. filed for Chapter 11 bankruptcy in Wilmington, Delaware due to the reduced demand for rental-vehicles amid the COVID-19 pandemic, BAKU.NEWS reports citing Teletrader.

The decision comes after the United States-based car-rental company failed to negotiate debt payment with its creditors.

When filing for bankruptcy protection, the company cited travel restrictions as the cause of its financial issues, however, the filing pertains to its operations in the US and Canada alone, and doesn't apply to any other international destination.