https://www.barrons.com/articles/her...an-51588279379

They've missed a lease payment and have until May 4th to make arrangements with lenders. From reading the article it looks like they're between a rock and a hard place since they can't very well sell their cars due to so may dealerships being closed. And used car prices have dipped 10% and are expected to go even lower. Hertz's fleet is worth $10B on paper.

Side note, I've watched a few videos today from car experts. If you want to buy a used car they all say wait 60-90 days because prices will be continuing to come down. If you really need to sell a used car and can not wait do it ASAP. If Hertz goes out of business (they may fall into the "too big to fail" bucket thou) the used car market is going to be saturated big time.

Nah, they just need a few more "Wildfires"

Yea really, what was the loss, something like 3500 cars?

That article is missing the point.

In 2005, private equity swooped in and bought Hertz. They loaded the company up with billions in debt, did an IPO, then sold all their shares.

Hertz has been in a perilous position ever since then, and any major headwinds (i.e. Covid) were guaranteed to destroy it.

https://www.cnn.com/2020/05/22/busin...tcy/index.html

They already sold 41,000 cars before auctions and dealers closed up in March, assuming they'll sell a lot more when able it's really going to depress late model used car prices.

Rental car companies buy 10% of new car inventory, this is also going to hurt automakers.

Carl Icahn owns 38% of Hertz and had been buying more shares up until March. Those shares have lost 60% of their value since then. I suspect few pilots will feel sorry for him

https://seekingalpha.com/article/435...ing-carl-icahn

Fairly technical breakdown of Hertz's C-11 filing. They didn't file a restructuring support agreement, and the author doesn't think any shareholders or unsecured noteholders (including Carl Icahn) will receive any recovery.

https://markets.businessinsider.com/...0-6-1029285231

Hertz shares, which bottomed out at .40 closed at $3.70 on Friday. Carl Icahn sold all his shares at .72 for a loss of $1.8B. Seems like he joined Warren Buffet in mis-timing his travel industry stock sales.

Hold on. Let me get a tissue. I might shed a tear for poor, ole Carl...

Or, not.

I bought 5000 shares at $1.09 last week, chickened out and sold them for $1.07 the next day. I was feeling like I really dodged a bullet when they dropped to 80 cents.

I think they went up BECAUSE Carl sold, loose cannon that he is.