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Car rental firm Hertz files for bankruptcy as business slumps in pandemic

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NEW YORK: The more than a century old car rental firm Hertz Global Holdings Inc filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief.

Hertz's board earlier in the day approved the company seeking Chapter 11 protection in a US bankruptcy court in Delaware, according to court records.

Its international operating regions including Europe, Australia and New Zealand were not included in the US proceedings, the company said.

The firm, whose largest shareholder is billionaire investor Carl Icahn with a nearly 39% ownership stake, is reeling from government orders restricting travel and requiring citizens to remain home.

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