Debt and coronavirus push Hertz into bankruptcy protection

Bummer. I was using Hertz several times a year for business trips to Europe and their service (in the EU) was outstanding.

I would imagine there will be a weeding out of many more travel related businesses.

Delta is also retiring the 777 fleet due to this Pandemic (quite amazing actually)

https://www.cnbc.com/2020/05/14/coronavirus-news-delta-to-retire-boeing-777s-seeks-to-burn-zero-cash-by-end-of-2020.html

Regardless of what happens with the virus (2nd wave of not) this is going to be one wild 2nd half of the year.

Not many people will reflect back on 2020 as being a good year.

Their very secretive DNR list (Do Not Rent) has also affected their business, with hundreds of drivers unable to rent cars due to billing and payment errors putting them on this list, and being unable to get removed. They have gone elsewhere for car rentals.

Icahn’s fingerprints are all over this: buy a company, leverage it to the hilt, and then walk away. It's Chapter 11, so they'll restructure and reopen, I imagine. The only silver lining is that Icahn’s stake is now worth zero.

Sounds like a Hertz donut.