Hertz Misses Lease Payment
In an SEC filing, Hertz disclosed it has missed lease payments. Some lenders have been supportive, while others have not yet offered “sufficient support for the required waivers.”
The Wall Street Journal reports that the company is preparing for a bankruptcy.
Photo via Depositphotos.
In an 8-K filing with the Securities and Exchange Commission on April 27, Hertz disclosed it has missed certain vehicle lease payments for its U.S. rental car fleet “to preserve liquidity to support its ongoing operations,” Hertz states in the filing.
In the filing, Hertz states that discussions with some lenders have resulted in “the required support” to “temporarily reduce the required payments under the Operating Lease.” However, Hertz states “it has not yet received sufficient support for the required waivers from other required lenders.”
According to the 8-K filing:
Hertz is continuing to engage in ongoing discussions with such lenders to reduce its obligations under the Operating Lease and avoid certain consequences of the payments not made on April 27, 2020 under the Operating Lease.
If such payments are not made by the end of a grace period on May 4, 2020, and a sufficient amount of Hertz’ Senior Credit Lenders and VFN Noteholders do not agree to waive any resulting default or forbear from exercising remedies, Hertz could be materially and negatively impacted.
The Wall Street Journal reports that the company is preparing for a bankruptcy.
More Rental Operations
NPR Builds on International Partnerships to Grow Rental Bookings
With Ana Laborde supporting broker development, NPR Auto Group is tailoring distribution strategies, rate packages, and partnerships to grow international reservations across its three brands.
Read More →
Advantage, Sixt Place Among Top Five in Annual Satisfaction Study
While Enterprise and National retain the top spots in JD Power’s 2026 rankings, the latest customer satisfaction results suggest renters can find competitive service beyond the biggest car rental names.
Read More →
The $100,000 Insurance Trap in Exotic Car Rentals
Exotic rental agencies often rely on customers’ personal auto policies to protect six-figure vehicles. But policy language can dramatically change the coverage for vehicles over $100,000 MSRP.
Read More →
The Booking Is Confirmed, But Is Your Customer Ready to Drive?
For international renters, a confirmed reservation doesn’t always mean they’re eligible to drive. Earlier checks can help operators catch documentation and payment issues before the customer reaches the counter.
Read More →
ICRS 2027 Opens Call for Papers
The International Car Rental Show seeks session proposals on the business, operational, and technology issues facing car rental operators. Submissions are due Jan. 15.
Read More →
Turo to Launch Vehicle Delivery Service
Turo Delivered will let travelers search for vehicles that hosts can deliver directly to hotels, homes, airports, train stations, and other locations.
Read More →
Palm Beach Airport Code Change Creates Car Rental Distribution Gap
A test of rental searches under the old PBI and new DJT airport codes returned largely different sets of brands and vehicles, highlighting a potential distribution problem for rental operators.
Read More →
U-Save Continues Dominican Republic Expansion with Launch in Punta Cana
The new franchise location builds on U-Save’s existing Santo Domingo operation and will begin taking reservations for October 2026.
Read More →
When AI Books the Rental Car, Who Controls the Sale?
As AI moves from comparing rental rates to completing transactions, operators need to understand how travelers find, interpret, rank, and ultimately see their offers. (Part 2 of 2.)
Read More →
European Booked Car Rental Rates Fell 5%, Results Varied by Country
Ireland, Cyprus, and the United Kingdom saw steep declines, while booked rates rose in Poland and Hungary.
Read More →