Shares of Hertz Global Holdings Inc. fell more than 30% in the extended session Friday after The Wall Street Journal reported the car-rental company’s bankruptcy could come as early as Friday night.
Hertz has failed to reach a deal with top lenders, the newspaper reported, citing people familiar with the matter.
Nationwide restrictions on travel put in place to curb the spread of the coronavirus have hit Hertz and other travel-and tourism-related businesses hard, and Hertz has missed debt payments and reportedly had hired advisers to try to negotiate its debt.
— CNBC Now (@CNBCnow) May 22, 2020
Breaking: Hertz is preparing to file for bankruptcy, say people familiar with the matter, after the coronavirus pandemic decimated the car-rental market https://t.co/avDYDB8AIu
— The Wall Street Journal (@WSJ) May 22, 2020