# Hertz Goes Down For the Count - Filing Bankruptcy



## _Tron_ (Feb 9, 2020)

A New York Times article colors Hertz management as talking of emerging strong from the Corona virus one-two punch of rentals down and creditors going unpaid. Another story paints the used car market as bracing for what would be yet another down leg of used car prices when the Hertz fleet goes up for sale.

Anyone need a cheap Uber car in great conditions? One hitch. You need paying customers willing to use a rideshare vehicle.

https://www.nytimes.com/2020/05/22/business/hertz-bankruptcy-coronavirus-car-rental.html
https://www.autoweek.com/news/industry-news/a32416014/hertz-bankruptcy-would-flood-used-car-market/


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## 051293848 (Aug 25, 2019)

hopefully those cars go on sale 👹


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## UberBastid (Oct 1, 2016)

This is just the beginning.
Buckle up - we're in for a bumpy ride


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## tohunt4me (Nov 23, 2015)

_Tron_ said:


> A New York Times article colors Hertz management as talking of emerging strong from the Corona virus one-two punch of rentals down and creditors going unpaid. Another story paints the used car market as bracing for what would be yet another down leg of used car prices when the Hertz fleet goes up for sale.
> 
> Anyone need a cheap Uber car in great conditions? One hitch. You need paying customers willing to use a rideshare vehicle.
> 
> ...


They were saying it was the End for Hertz in 2008 !

I bought their Stock.

I cant see Hertz going under.
But
Things are Different from 2008.

I LIKE HERTZ.

Sometimes, i will rent a car from them for a Month.
Just to drive something different.


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## MiamiUberGuy5 (Feb 20, 2019)

I rent my car through the Uber/Hertz Rental program. I can’t find any information regarding the fate of this program. Someone on the Miami board mentioned that Hertz is ending its partnership with lyft called “express drive” at the end of April.


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## TheDevilisaParttimer (Jan 2, 2019)

tohunt4me said:


> They were saying it was the End for Hertz in 2008 !
> 
> I bought their Stock.
> 
> ...


I dont know about the end of Hertz but for the travel industry explicitly this is much worst than 2008.

I more feel for the employees. Hertz is going to seriously downsize and consolidate liabilities.


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## Uber's Guber (Oct 22, 2017)

Ouch, that Hertz!
Seriously though, they're my favorite rental agency when I travel. 😟


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## Lee239 (Mar 24, 2017)

Sucks, they should have stayed in NJ now they are losing 10s of thousands of jobs from SW Florida. Plus all the incentive money they got from state or local when they moved is thrown away.

I wonder what the Hertz Arena will become. Good thing they didn't paint it school bus yellow like they wanted. https://en.wikipedia.org/wiki/Hertz_Arena


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## Another Uber Driver (May 27, 2015)

I hope that Avis/Budget follows them into bankruptcy. Avis/Budget is the WORST car rental company out there.


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## _Tron_ (Feb 9, 2020)

They might have to bring OJ out of retirement to save this one.


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## Disgusted Driver (Jan 9, 2015)

MiamiUberGuy5 said:


> I rent my car through the Uber/Hertz Rental program. I can't find any information regarding the fate of this program. Someone on the Miami board mentioned that Hertz is ending its partnership with lyft called "express drive" at the end of April.


Hmm, if they all for the car back, take your sweet time responding until they legally notify you. Might be able to get a free car for a while like a few others who dropped through the cracks.


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## tohunt4me (Nov 23, 2015)

TheDevilisaParttimer said:


> I dont know about the end of Hertz but for the travel industry explicitly this is much worst than 2008.
> 
> I more feel for the employees. Hertz is going to seriously downsize and consolidate liabilities.


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## Uber's Guber (Oct 22, 2017)

Another Uber Driver said:


> I hope that Avis/Budget follows them into bankruptcy. Avis/Budget is the WORST car rental company out there.


True that.
If Hertz goes under, my second choice will most likely be Enterprise, I've had pleasant experiences with them.


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## Johnny Mnemonic (Sep 24, 2019)

tohunt4me said:


> They were saying it was the End for Hertz in 2008 !
> 
> I bought their Stock.
> 
> ...


They used to have a killer marketing program back in the day.


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## mbd (Aug 27, 2018)

_Tron_ said:


> They might have to bring OJ out of retirement to save this one.


He will have to slice and dice through lots of debt.  OJ is not hertzing for money:thumbup:


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## SHalester (Aug 25, 2019)

sheesh, hertz ain't closing. They will use the filing to restructure debt ie lower it. So creditors will take it on the chin for sure.......


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## _Tron_ (Feb 9, 2020)

mbd said:


> He will have to slice and dice through lots of debt.  OJ is not hertzing for money:thumbup:


Ouch. Hertz, don't it?


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## Lee239 (Mar 24, 2017)

They are going to try to restructure so who knows. Uber hurt the car rental thing a lot anyway.


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## Another Uber Driver (May 27, 2015)

SHalester said:


> They will use the filing to restructure debt ie lower it. So creditors will take it on the chin for sure.......


In Lawyer Slang, a Chapter Eleven is a "cramdown".


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## Jo3030 (Jan 2, 2016)

https://finance.yahoo.com/news/o-j-accounting-fraud-icahn-120000964.html
https://www.cnn.com/2020/05/24/business/buying-used-rental-cars/index.html
https://www.forbes.com/sites/jackke...-go-and-ceo-made-over-9-million/#4ac022fa2bca


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## hottiebottie (Apr 5, 2020)

I got a invoice from hertz


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## WokeUP (Dec 19, 2018)

051293848 said:


> hopefully those cars go on sale &#128121;


all cars will be on sale in a few months. We will be in a depression worse that 1933. but first, hyper inflation awaits you.


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## jgiun1 (Oct 16, 2017)

All the airports rental places are owned by the big three...hertz enterprise and avis....one of the others will buy em up for pennies and hertz on paper and signage will still exist.

Just like when I was hertz and we gobbled up down in the dumps hurting Dollar and Thrifty and kept them running as they're own entity.


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## Jo3030 (Jan 2, 2016)

MiamiUberGuy5 said:


> I rent my car through the Uber/Hertz Rental program. I can't find any information regarding the fate of this program. Someone on the Miami board mentioned that Hertz is ending its partnership with lyft called "express drive" at the end of April.


It is currently May.



Lee239 said:


> Sucks, they should have stayed in NJ now they are losing 10s of thousands of jobs from SW Florida. Plus all the incentive money they got from state or local when they moved is thrown away.
> 
> I wonder what the Hertz Arena will become. Good thing they didn't paint it school bus yellow like they wanted. https://en.wikipedia.org/wiki/Hertz_Arena


So good, it Hertz


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## _Tron_ (Feb 9, 2020)

But wait! There's more!

Hertz filed ostensibly because it could not make a deal with its creditors. Well guess who one of its creditors may well be? The US government, or more precisely The Federal Reserve. Below graphic is a partial list of holdings by an ETF (Exchange Traded Fund) called HYG. That's HY as in High Yield, i.e. high risk. Otherwise known as Junk Bonds.










This is a good opportunity to demonstrate for those that may no know, just how far the government is going this time (as compared to 2008) to prop up the markets. The Federal Reserve is buying corporate "paper". Corporate bonds of various risk levels and yields. This is unprecedented. Last time around the Fed intervened in the mortgage market, but this time they are going all-in. They are buying, or have promised to buy, various ETFs.

The rather technical article covering this story is linked below, but the action of the Fed translates into something the "man on the street" _can_ understand: The government will stop at nothing to prop up the markets in an attempt to return to "normalcy". No matter the price.

https://www.zerohedge.com/markets/fed-now-proud-owner-bankrupt-hertz-bonds


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## Bob Reynolds (Dec 20, 2014)

Lyft is listed as one of Hertz's top creditors. Can someone explain how this happened?


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## CivicMindedMan (Apr 30, 2016)

_Tron_ said:


> This is a good opportunity to demonstrate for those that may no know, just how far the government is going this time (as compared to 2008) to prop up the markets. The Federal Reserve is buying corporate "paper". Corporate bonds of various risk levels and yields. This is unprecedented. Last time around the Fed intervened in the mortgage market, but this time they are going all-in. They are buying, or have promised to buy, various ETFs.
> 
> The rather technical article covering this story is linked below, but the action of the Fed translates into something the "man on the street" _can_ understand: The government will stop at nothing to prop up the markets in an attempt to return to "normalcy". No matter the price.
> 
> https://www.zerohedge.com/markets/fed-now-proud-owner-bankrupt-hertz-bonds


But there's a huge difference between the 2008 crash and now.

The current downturn and disruption of the "normalcy" was the government itself, which ordered the shut down of travel in this country. So of course the central bank should try to help companies stay afloat. That's the least they should be doing.

'Zero Hedge' is a bunch of conspiratorial mularkey.


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## Jo3030 (Jan 2, 2016)

0.56 USD −2.28 (80.46%) 
HERTZ dropped 80% today.
Delisted.


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## _Tron_ (Feb 9, 2020)

Now it's the gyms going down. Last week Gold's gym filed. Now 24 hour fitness has filed.

Not to despair. A letter to members from the CEO of 24 hour says that they will continue stronger than ever after eliminating debt, getting an infusion of capital, and closing the non-producing locations.

I love the eliminating debt part. Yeah, if any of us could just eliminate that pesky debt we'd be stronger than ever too. May be a good time to declare. Most Americans got the capital infusion, And who knows maybe we could dump any non-productive family members as well.


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## tohunt4me (Nov 23, 2015)

_Tron_ said:


> They might have to bring OJ out of retirement to save this one.


" when i need a Getaway Car"


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