Hertz avoids bankruptcy in just-in-time deal
The Financial Times reports that Hertz, the car rental group backed by US billionaire businessman Carl Icahn, has staved off bankruptcy after striking a deal with lenders to extend a crucial payment deadline. The company missed a payment to lenders in April for the leasing costs of some of its vehicles.
After an extension until May 4 was granted, Hertz reached a deal on Tuesday to move the payment date to May 22. The extra time provides a breathing space to the rental car provider as it tackles the collapse of its business in the face of the coronavirus pandemic.
Financial Times
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