If we want to have a short version of Hertz Global Holding’s Inc. bankruptcy story: we see the global pandemic obliterating the travel business and iconic 102-year-old company land on the feet of law to save itself from creditors. It goes on to the tale of the company which devotes itself to the relies on accounting and consolidation to keep the shareholders in a great mood. And it is the tale of great failure from one CEO to another, to keep up with the tastes of their customers and credit shares.
We also see Enterprise Holdings Inc. and Avis Budget Group Inc. going through the same condition, but, the tale of Hertz is different. It is at this place because of the series of its bad decisions and luck. This turns out in making it visible at a vulnerable end, at the worst of times. It gets described as a slow train wreck by one of their own members.
A company that saw a beginning with a dozen Ford Model Ts and went on for a spin with General Motors, Ford Motor Co., and great experienced firms seeing its parenting over for decades now stands at the end of an uncertain fate. This shall be decided by the Delaware court. On its Chapter 11 petition, Hertz lists $25.8 billion in assets with 1 billion in cash and rest as debts.
The history of the company cannot be described without the incident of 1994, where O.J. was pursued by police for the murder case of his wife.
Now, we shall see its future.