Topic: Hertz stock drops 40% on report it's preparing bankruptcy tonight
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Hertz Global Holdings (NYSE:HTZ) has slid 40% after hours on a WSJ report that the company is preparing a bankruptcy filing for as soon as tonight.

That comes after the company failed to reach a standstill deal with its top lenders, according to the report.

The company missed a lease payment last month, and had convinced creditors to wait until this evening before declaring a default - but the creditors refused to grant another extension, sources told the WSJ.


Hertz has about $19B in debt (some $4.3B in corporate bonds and loans, and $14.4B in vehicle-backed debt).


Posted by .
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another company with 20B in debt is viacomcbs.  rumor is netflix will buy it.

https://www.youtube.com/watch?v=lG-gzfOaoDk


Posted by .
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1 year old Infiniti Q50's are being sold for 20K


Posted by .
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Couldn't happen to a nicer company. This is the same company that hides in their contract that if anyone driving the vehicle gets a citation Hertz pays the fine without going to court and you get charged for it on your card. It doesn't matter who is driving the vehicle at the time.

The person can always go back to Bumfuck Egypt where they rented the vehicle to contest the charges but the cost of doing so doesn't compensate for having the charge removed.


Posted by MaddMoney
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BUY THE DIPS!  GREAT TIME TO INVEST! THE MARKET ALWAYS RECOVERS!


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Their senior managers are woman, nog, lesbian. Hertz never had a chance.


Posted by .
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HA HAAAAAAAAAAA!


Posted by .
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. said: Their senior managers are woman, nog, lesbian.  Hertz never had a chance.

­
THIS.

DIEversity proves itself again.


Posted by .
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. said: Their senior managers are woman, nog, lesbian.  Hertz never had a chance.

yeah just last year they were one of the only companies hiring people, now bankruptcy, holy shit


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. said: Their senior managers are woman, nog, lesbian.  Hertz never had a chance.

yeah this is causing a total collapse of our society, we let these people who wanted to be in charge , be in charge, not realizing they were semi retarded and loved power because they are complete morons not because they are actually competent at anything


Posted by Fudster
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I'm a President's Club member at Hertz.

Over the past two months, things have gone to shit at Hertz.

The quality of the available cars has declined to Enterprise Car Rental territory.

Normally, what I do when I arrive at a location is to first check out the President's aisle. I always reserve a mid-size, because that allows me to select anything from the President's aisle.

If there is nothing good on the aisle, I find an employee and offer them a $20 to find me a good car at the back of the lot.

Usually, the employee will come back with a Jag or a Cadillac or a Range Rover.

Over the past two months, the employees have apologized and said the best car available is an Impala or a Chrysler 300.

I totally understand that Covid has screwed the economy, so I don't blame Hertz.

I now realize that the days of luxury travel are over.

:sadbanana:


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How much did Carl Icahn lose this time?


Posted by Fudster
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Hertz is headquarted in Estero.

About a 20 minute drive from Fudster's $4 million beach home, on 4th Ave S in Naples.

Fudster hears things from time to time.

Fudster hears that Hertz is going to significantly downsize.


Posted by .
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. said: Their senior managers are woman, nog, lesbian.  Hertz never had a chance.

­
Let children drive the car and suffer the consequences. They're fine until they have to make adult decisions and moves. Then "muh sexisms" and "muh racisms".


Posted by .
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Keep an eye on one of those yellow Corvettes they have been trying to unload. There might be a deal. They all appear to have about 30,000 miles on them.


Posted by Fudster
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. said: Keep an eye on one of those yellow Corvettes they have been trying to unload. There might be a deal. They all appear to have about 30,000 miles on them.

­
Those things are ratchet.

Take it from drunk Fudster.

Wait for the real deals to come along when the SHTF in the car market in a few months.


Posted by .
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Fudster said: I'm a President's Club member at Hertz.

Over the past two months, things have gone to shit at Hertz.

The quality of the available cars has declined to Enterprise Car Rental territory.

Normally, what I do when I arrive at a location is to first check out the President's aisle. I always reserve a mid-size, because that allows me to select anything from the President's aisle.

If there is nothing good on the aisle, I find an employee and offer them a $20 to find me a good car at the back of the lot.

Usually, the employee will come back with a Jag or a Cadillac or a Range Rover.

Over the past two months, the employees have apologized and said the best car available is an Impala or a Chrysler 300.

I totally understand that Covid has screwed the economy, so I don't blame Hertz.

I now realize that the days of luxury travel are over.

:sadbanana:

It is.  I used to travel every week for business.  Hilton Diamon, Marriott Top Bonvoy (whatever its called now), Delta Diamond.   Got all the perks and had enough points to never have to actually pay for a vacation.   Our company is embracing WFH, so the days of travel are gone for the most part.  Hotels, airlines and rental car companies are fucked.  I predict hotels will confidante, so where there were several Hilton brands in one city, there will only be one or two.  Imagine abandoned hotels in every city.  Its going to happen.


Posted by .
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WFH is just a gateway to WFH in India and China.  WFH will not last.


Posted by Fudster
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. said:
It is.  I used to travel every week for business.  Hilton Diamon, Marriott Top Bonvoy (whatever its called now), Delta Diamond.   Got all the perks and had enough points to never have to actually pay for a vacation.   Our company is embracing WFH, so the days of travel are gone for the most part.  Hotels, airlines and rental car companies are fucked.  I predict hotels will confidante, so where there were several Hilton brands in one city, there will only be one or two.  Imagine abandoned hotels in every city.  Its going to happen.

­
Yup.

The days of enjoying perks associated with status are over.

It was fun while it lasted.


Posted by .
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. said: (and $14.4B in vehicle-backed debt).

­Now probably worth about half that.  :lol:


Posted by .
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. said: WFH is just a gateway to WFH in India and China.  WFH will not last.

Exactly.  If I can do it at home for 120k a year, Rajeev in Mumbai can do it for 12k.  Although what really happens is you need 10 Rajeev's to do the work, and someone in NA still has to re-do it because it fucking sucks and you can't put it in front of a client.


Posted by .
Unregistered


Fudster said: I'm a President's Club member at Hertz.

Over the past two months, things have gone to shit at Hertz.

The quality of the available cars has declined to Enterprise Car Rental territory.

Normally, what I do when I arrive at a location is to first check out the President's aisle. I always reserve a mid-size, because that allows me to select anything from the President's aisle.

If there is nothing good on the aisle, I find an employee and offer them a $20 to find me a good car at the back of the lot.

Usually, the employee will come back with a Jag or a Cadillac or a Range Rover.

Over the past two months, the employees have apologized and said the best car available is an Impala or a Chrysler 300.

I totally understand that Covid has screwed the economy, so I don't blame Hertz.

I now realize that the days of luxury travel are over.

:sadbanana:

­
That's weird because the situation should have improved availability.  I've seen a bunch of rental lots overflowing with cars.


Posted by Fudster
Unregistered


. said:
­
That's weird because the situation should have improved availability.  I've seen a bunch of rental lots overflowing with cars.

­
From what I've heard, they are locking down a large % of the fleet, getting ready to sell them.

There are few cars available to rent, despite a large # of them on the lots.

They aren't renewing expired tags on cars, not doing maintenance, etc.

The idea is that they are keeping a small fleet available, to reduce cleaning and other costs.

Business is down 90%. No need to have all those unneeded vehicles ready to rent. Most will be sold.

The smart people know that travel isn't going to make a recovery in the next few years.


Posted by .
Unregistered


Fudster said:
­
Yup.

The days of enjoying perks associated with status are over.

It was fun while it lasted.

:facepalm:
The perks has been in steady decline since 9/11/2001.


Posted by .
Unregistered


. said:
Exactly.  If I can do it at home for 120k a year, Rajeev in Mumbai can do it for 12k.  Although what really happens is you need 10 Rajeev's to do the work, and someone in NA still has to re-do it because it fucking sucks and you can't put it in front of a client.

­
Abus are fucking idiots.  But the Chinks are really fucking smart.  They are already ahead on 5G.  They are bringing an open source CPU to the market and have introduced the 4th GPU makers (nvidia, amd, and intel being the other 3, and all of them have campuses in China).



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