Car rental giant Hertz has filed for bankruptcy, amidst plunging profits due to Covid-19.
Papers show that the company had close to zero revenue during March, which compounded an already difficult financial situation.
The company is now in debt to the tune of £15.3bn.
Filing for bankruptcy does not necessarily mean that Hertz will cease trading right away, as it can still operate, but the future remains uncertain as the company’s cash reserves have reportedly dwindled to just £820m.
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