The Hertz asks the controlled administration

DEBT TOO HIGH – because of the restrictions for the pandemic coronavirus, travel (for work or pleasure) and decreased drastically throughout the world and many companies in the sector have seen zero turnover. A real “blow” for those already in crisis. One example is the Hertz, u.s. giant of the rental car, whose enormous debt is nearly 19 billion dollars) has become untenable, so as to bring the managing director Paul Stone to start the procedure of controlled administration in the United States and Canada (the famous Chapter 11), where the company can continue to operate without its assets are liquidated. The receivership does not apply to divisions in Europe, Australia and New Zealand.

STAFF CUTS – The gravity of the situation became evident on the 22nd of April, when Hertz failed to pay the lease of some of the vehicles that have (are 667.000 all over the world), a few days after you have fired 10,000 people in North America. On the 22nd of April, the creditors the agreed 30-day time to devise a new plan to return the economic, but the Stone has not been able to do is to opt for Chapter 11 protection from creditors.