Hertz Granted Two Week Reprieve On Bankruptcy

Yahoo Finance reports:

Lenders granted Hertz Global Holdings Inc. an eleventh-hour reprieve from a potential bankruptcy, giving the struggling rental-car company more time to work out a rescue plan after it missed debt payments.

The forbearances and waivers give Hertz until May 22 to “develop a financing strategy and structure that better reflects the economic impact of the Covid-19 global pandemic,” the company said in a regulatory filing.

Hertz had been talking with some of its creditors about how to ease its burden without going through bankruptcy, though the company was preparing to file for Chapter 11 court protection if needed, according to people with knowledge of the matter.