Car rental company Hertz files for bankruptcy protection

Hertz filed for bankruptcy protection Friday, unable to withstand coronavirus pandemic that has crippled global travel and with it, heavily indebted 102-year-old car rental company's business.

Estero, Florida-based company's lenders were unwilling to grant it anor extension on its auto lease debt payments past a Friday deline, triggering filing in US Bankruptcy Court in Delaware.

Hertz and its subsidiaries will continue to operate, according to a release from company.

Hertz's principal international operating regions and franchised locations are not included in filing, statement said.

By end of March, Hertz Global Holdings Inc h racked up $18.7 billion in debt with only $1 billion of available cash.

(Representative Image)