The Briefing Room
General Category => Economy/Business => Topic started by: Applewood on May 23, 2020, 11:58:55 am
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Hertz files for bankruptcy
Hertz filed for bankruptcy Friday night, the latest victim of the sudden economic downturn sparked by the Covid-19 pandemic.
The company has been renting cars since 1918, when it set up shop with a dozen Ford Model Ts, and has survived the Great Depression, the virtual halt of US auto production during World War II and numerous oil price shocks. By declaring bankruptcy, Hertz says it intends to stay in business while restructuring its debts and emerging a financially healthier company.
https://www.cnn.com/2020/05/22/business/hertz-bankruptcy/index.html (https://www.cnn.com/2020/05/22/business/hertz-bankruptcy/index.html)
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Started during a pandemic, went bankrupt during a pandemic.
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Started during a pandemic, went bankrupt during a pandemic.
Not really. They set themselves up for failure during a downturn a long time ago.
https://finance.yahoo.com/news/o-j-accounting-fraud-icahn-120000964.html
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And the Federal Reserve is now on the hook for some Hertz bonds (recently purchased):
https://www.zerohedge.com/markets/fed-now-proud-owner-bankrupt-hertz-bonds (https://www.zerohedge.com/markets/fed-now-proud-owner-bankrupt-hertz-bonds)