Ceva top creditor as shoe company goes bust, hit by e-commerce boom
The bankruptcy of a shoe company in the US has revealed an interesting snapshot of ...
CNN reports:
Hertz filed for bankruptcy Friday night, the latest victim of the sudden economic downturn sparked by the Covid-19 pandemic.
The company has been renting cars since 1918, when it set up shop with a dozen Ford Model Ts, and has survived the Great Depression, the virtual halt of US auto production during World War II and numerous oil price shocks. By declaring bankruptcy, Hertz says it intends to stay in business while restructuring its debts and emerging a financially healthier company.
“The impact of Covid-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company’s revenue and future bookings,” said the company’s statement. It said while it too immediate action in response to the crisis, “uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today’s action.”
To read the full post, please click here.
Here is the official statement released yesterday: “Hertz Global Holdings takes action to strengthen capital structure following impact of global coronavirus crisis“.
Etail by air – here to stay or on a short shelf life?
HMM sees opportunities in Hapag-Lloyd’s exit from THE Alliance
How crazy is this: DSV goes hostile on Expeditors or CH Robinson?
Carriers look to short-term gains over blanking, as Red Sea crisis props up rates
Liners unveil Asia-Europe FAK price hikes to arrest steady rate decline
Cargo flows through Dubai delayed by flooding, with 300 flights cancelled
Legal battle heats up over 'unseaworthy' and 'reckless' MV Dali
Alex Lennane
email: [email protected]
mobile: +44 7879 334 389
During August 2023, please contact
Alex Whiteman
email: [email protected]
Alessandro Pasetti
email: [email protected]
mobile: +44 7402 255 512
Comment on this article