Hertz Files for Bankruptcy Protection

One of the oldest car rental companies in the US is filing for bankruptcy protection due to the COVID 19 pandemic.

Hertz Global Holdings said in a U.S. court filing on Friday that it voluntarily filed for Chapter 11 reorganization. Its international operating regions including Europe, Australia and New Zealand were not included in the U.S. proceedings.

According to a CBC News report, the company has $19 billion US of debt and roughly 38,000 employees worldwide and is among the largest companies to be undone by the pandemic. The company also runs the car rental brands Dollar and Thrifty.

Hertz had said earlier this month they could avoid bankruptcy if it received relief ffrom the U.S. government. who has started assisting companies as part of an unprecedented $2.3 trillion US relief package.