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5 hours ago, Turboflat4 said:

Avis and Sixt how? 

I think Avis was reported to be "safe" as they had less debt and leverage compared to Hertz. Haven't read anything about Sixt though. I thoroughly enjoyed my experience with Sixt for rentals in Germany and the in south of France...

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5 minutes ago, iamahbee said:

I think Avis was reported to be "safe" as they had less debt and leverage compared to Hertz. Haven't read anything about Sixt though. I thoroughly enjoyed my experience with Sixt for rentals in Germany and the in south of France...

Found something on Sixt:

https://www.reuters.com/article/sixt-debt/sixt-secures-15-bln-euro-coronavirus-state-loan-idUSL8N2CO876

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Hertz is the most indebted of them all. Read Avis can tahan till end of this year. Maybe by then, with negative interest rate, creditors will pay these companies to take their money. Wahaha...

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This is hertz USA right? Not the local hertz. Or affected globally? 

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14 minutes ago, kobayashiGT said:

This is hertz USA right? Not the local hertz. Or affected globally? 

Yes, only USA.

https://www.ft.com/content/ee562ba8-a5ea-48fe-ae41-8da84637404a

Car rental group Hertz files for bankruptcy

US-based group fails to meet a payment deadline agreed with its lenders.

Hertz, the car rental group backed by US billionaire businessman Carl Icahn, has filed for bankruptcy, joining a growing list of illustrious American companies forced out of business due to the impact of the coronavirus pandemic.

The Florida-based company said its US and Canadian subsidiaries had filed for Chapter 11 bankruptcy after it failed to meet a payment deadline agreed with its lenders. Hertz had already missed a payment earlier last month but its lenders had agreed to postpone the payment to Friday.

Hertz’s European, Australian and New Zealand operations are not affected by the filing.

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22 minutes ago, iamahbee said:

Yes, only USA.

https://www.ft.com/content/ee562ba8-a5ea-48fe-ae41-8da84637404a

Car rental group Hertz files for bankruptcy

US-based group fails to meet a payment deadline agreed with its lenders.

Hertz, the car rental group backed by US billionaire businessman Carl Icahn, has filed for bankruptcy, joining a growing list of illustrious American companies forced out of business due to the impact of the coronavirus pandemic.

The Florida-based company said its US and Canadian subsidiaries had filed for Chapter 11 bankruptcy after it failed to meet a payment deadline agreed with its lenders. Hertz had already missed a payment earlier last month but its lenders had agreed to postpone the payment to Friday.

Hertz’s European, Australian and New Zealand operations are not affected by the filing.

Thanks for the confirmation! 🙂 

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Covid really killing many things in this world! 

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all these companies look tok kong on the outside ... nabei

Hertz, Avis, Sixt, ... it's the premium brand compare to others

all run on debts and swim naked ...

up lorry fast and furious

 

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56 minutes ago, 13177 said:

Covid really killing many things in this world! 

Don't talk about the World,alot of S'pore Businesses also going to wind up soon...

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It's a question of how much can one bleed ? to sustain the market flow and financial support, cash flow is the main component to survival. In a similar trade of car rental business, the longer one can hold, he/she will survive, Tis happened in Hertz America, in a few month shortly, the franchisee will suffers thereafter, what's going to happen next, nobody can predict. . .so sustainability is important, there'll be expansion program, more staff hiring and business flow will recover when Air traffic returns and travel restriction back to normal . . . I don't see this coming any sooner.

We hope Hertz Singapore make it through, thy are sub of Sime Darby group, one of their main source of income is from Expats car leasing and car events supported by BMW Singapore. [drivingcar]

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I received an email from Hertz to its members today. Here are some excerpts that are relevant to this discussion:

I am writing to you to personally reassure you that all our businesses around the world remain open and serving customers . All our reservations, promotional offers and vouchers are available as usual. Customers can expect the same high level of service and reliability with enhanced cleaning protocols for extra peace of mind and our loyalty programme points and rewards are not affected. And importantly, the Hertz APAC team remain available and committed to supporting you.

You may have read or heard overnight that Hertz Global Holdings (the U.S. based entity) has voluntarily filed for reorganisation under Chapter 11 in the United States legal process.

It’s vital you know, and understand, that it is still "business as usual" for Hertz across the APAC region (Australia, New Zealand, Singapore, Korea, Japan and China). Hertz APAC region is not included in the U.S. Chapter 11 legal process.

"Chapter 11", put simply, describes the move a company takes to restructure its debt and address other financial issues. During this type of restructuring, a company typically continues its usual operations so that it can emerge stronger and that is just what the U.S. and Canadian Hertz entities undergoing Chapter 11 intend to do here. The U.S. Chapter 11 process will ensure that Hertz can continue to operate its business effectively under current management in all of its core geographies.

In summary, we are confident we’re taking the right steps to protect the Hertz APAC businesses and ready for it the rebound. I’d like to thank you, our valued members for your ongoing support and rest assured, we remain open for business and ready to serve you across our locations around the globe. As always, we thank you for your business.

Best regards,

Eoin MacNeill
Vice President APAC

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4 minutes ago, iamahbee said:

I received an email from Hertz to its members today. Here are some excerpts that are relevant to this discussion:

I am writing to you to personally reassure you that all our businesses around the world remain open and serving customers . All our reservations, promotional offers and vouchers are available as usual. Customers can expect the same high level of service and reliability with enhanced cleaning protocols for extra peace of mind and our loyalty programme points and rewards are not affected. And importantly, the Hertz APAC team remain available and committed to supporting you.

You may have read or heard overnight that Hertz Global Holdings (the U.S. based entity) has voluntarily filed for reorganisation under Chapter 11 in the United States legal process.

It’s vital you know, and understand, that it is still "business as usual" for Hertz across the APAC region (Australia, New Zealand, Singapore, Korea, Japan and China). Hertz APAC region is not included in the U.S. Chapter 11 legal process.

"Chapter 11", put simply, describes the move a company takes to restructure its debt and address other financial issues. During this type of restructuring, a company typically continues its usual operations so that it can emerge stronger and that is just what the U.S. and Canadian Hertz entities undergoing Chapter 11 intend to do here. The U.S. Chapter 11 process will ensure that Hertz can continue to operate its business effectively under current management in all of its core geographies.

In summary, we are confident we’re taking the right steps to protect the Hertz APAC businesses and ready for it the rebound. I’d like to thank you, our valued members for your ongoing support and rest assured, we remain open for business and ready to serve you across our locations around the globe. As always, we thank you for your business.

Best regards,

Eoin MacNeill
Vice President APAC

Thanks for sharing!

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In SG it's under sime darby group. Think their still deep enough to tide them thru this difficult period

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