Car rental giant Hertz (NYSE: HTZ) filed for Chapter 11 bankruptcy protection late Friday, hours ahead of a creditor forbearance deadline on a nearly $11 billion agreement with some of its asset-based lenders that lease vehicles to Hertz’s U.S. rental car operations.
After failing to reach an agreement with some of its creditors, Hertz had little choice but to enter a free-fall, Chapter 11 proceeding without sufficient time to plan, according to Joseph Acosta, a partner at Dorsey & Whitney.
“These...
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