Hertz

About Hertz

Hertz Global Holdings filed for Chapter 11 bankruptcy on May 22, 2020. The car rental company had 19 billion in debt. The COVID pandemic caused a 90 percent decline in travel demand. Hertz had approximately 12,000 corporate and franchise locations globally. During bankruptcy, Hertz briefly issued new shares, which were subsequently delisted. The SEC warned investors about the speculative nature of the shares. Knighthead Capital Management and Certares Management acquired Hertz in bankruptcy. Hertz emerged from bankruptcy in July 2021 with 5.9 billion in debt eliminated. In a remarkable turnaround, Hertz ordered 100,000 Teslas in 2021 for 4.2 billion. The Hertz bankruptcy was one of the fastest large company turnarounds, completed in 13 months.