April 30, 2020—Due largely to the coronavirus, Hertz has missed a lease payment and is exploring possible bankruptcy, per The Wall Street Journal. The company is currently holding $17 billion in debt for which a majority is attributed to car notes on its rental fleets.
According to the report, Hertz is currently working with its biggest lenders and "certain holders of its vehicle finance subsidiary's notes" to slow down payments while the company adjusts to the current market.
Right now, the company is under a payment grace period which ends May 4.
