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Hertz going bankrupt/possible liquidation #226962
05/22/2020 09:10 PM
05/22/2020 09:10 PM
Joined: Aug 2012
Posts: 1,987
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PelicanPirate Offline OP
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PelicanPirate  Offline OP
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Re: Hertz going bankrupt/possible liquidation [Re: PelicanPirate] #226963
05/22/2020 10:27 PM
05/22/2020 10:27 PM
Joined: Mar 2009
Posts: 12,695
Auburn, WA
SXMScubaman Offline
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SXMScubaman  Offline
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Auburn, WA
This has nothing to do with Hertz in SXM which is privately owned by locals on island.

Re: Hertz going bankrupt/possible liquidation [Re: SXMScubaman] #226968
05/23/2020 07:06 AM
05/23/2020 07:06 AM
Joined: Mar 2001
Posts: 15,655
Ohio
ruralcarrier Offline
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ruralcarrier  Offline
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Correct, they just "borrow" the name, signage, etc.

Looks like the US filing actually happened Friday night.

HERTZ


J.D.
Re: Hertz going bankrupt/possible liquidation [Re: PelicanPirate] #226969
05/23/2020 07:19 AM
05/23/2020 07:19 AM
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PelicanPirate Offline OP
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I rented a truck at the local airport two weeks ago On a weekday and picked up after dinner. All the rental counters combined had rented 6 cars all day. I was lucky #7.

The young kid who rented me the car said he usually ran a suburban location in another town in Ohio and they temp closed that so he was driving 45 miles to work at the airport.

So, yes it may not be SXM, but the effect is the same on all of them as well.. Inventory of cars sitting and costing money with no revenue leads to not good things.

Re: Hertz going bankrupt/possible liquidation [Re: PelicanPirate] #226977
05/23/2020 10:58 AM
05/23/2020 10:58 AM
Joined: Mar 2009
Posts: 12,695
Auburn, WA
SXMScubaman Offline
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SXMScubaman  Offline
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I just rented mine from Hertz SXM for our July trip. banana

Re: Hertz going bankrupt/possible liquidation [Re: PelicanPirate] #226990
05/23/2020 01:18 PM
05/23/2020 01:18 PM
Joined: Jul 2013
Posts: 837
Florida
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wilsonck Offline
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The parent organization is most likely going to have to end up liquidating. The local SXM Hertz is a franchisee. I'm sure some smaller car rental company might buy the Intellectual Property so they can use the name, since it is very well known.

Re: Hertz going bankrupt/possible liquidation [Re: PelicanPirate] #226991
05/23/2020 01:38 PM
05/23/2020 01:38 PM
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PelicanPirate Offline OP
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https://www.forbes.com/sites/chrisw...ers-scramble-for-solutions/#65a1f255634e

Hertz bought 10% of US auto production last year. They bought 1.7M cars last year. Rival Avis/Budget has cut car purchases 80%.

Re: Hertz going bankrupt/possible liquidation [Re: PelicanPirate] #226993
05/23/2020 02:05 PM
05/23/2020 02:05 PM
Joined: Mar 2009
Posts: 12,695
Auburn, WA
SXMScubaman Offline
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Auburn, WA
Bankruptcy is a restructuring, not a declaration that the company is going out of business. Many degrees of bankruptcy and this is the first step.

Re: Hertz going bankrupt/possible liquidation [Re: SXMScubaman] #227015
05/23/2020 09:43 PM
05/23/2020 09:43 PM
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Posts: 837
Florida
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wilsonck Offline
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Originally Posted by SXMScubaman
Bankruptcy is a restructuring, not a declaration that the company is going out of business. Many degrees of bankruptcy and this is the first step.


Typically corporations have deals in place with creditors when they go in to bankruptcy. Hertz has no such deal. The feeling was they were going to file Chapter 7 which is liquidation. I was surprised to see them file chapter 11, but I'm pretty sure you'll see this go chapter 7. It is going to be at least 2 years till travel numbers are back to where they were before covid-19. Time is not on their side.


Moderated by  Eric_Hill, modct, ruralcarrier 

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