Consultation between car rental company Hertz and its creditors about deferred payment has stalled. Bloomberg writes this on the basis of insiders. A deadline will expire later Friday. Hertz ran into problems when both business trips and vacations ceased due to the corona measures that many countries took. As a result, hardly more cars were rented.
In April, creditors also granted Hertz deferred and settled approximately $ 400 million on lease contracts. Back then, they weren’t bothered about that because the price of second-hand cars had fallen by more than 15 percent and they were afraid they wouldn’t earn their money back in Hertz bankruptcy. Nowadays occasions are worth a bit more and creditors dare to bet higher.
Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.