Hertz files for bankruptcy protection

Hertz Global Holdings, the parent company of the Hertz, Thrifty and Dollar rental car agencies, filed for bankruptcy protection Friday. The firm has suffered from the lack of travel during the covid-19 pandemic, making it impossible to service $19 billion of debt, much of it securitized (which means Hertz could be forced to sell off its assets to repay creditors).

Since the beginning of the crisis, the company had named a new CEO and laid off 10,000 workers as it grappled with its finances.