Hertz file for bankruptcy – CNN

Published

4 years ago

May 23, 2020

How the pandemic is changing the way we fly

The company has been renting cars since 1918, when it founded a store with a dozen Ford Model Ts, and has survived the Great Depression, a virtual halt to US car production during World War II and various oil price shocks. By declaring bankruptcy, Hertz said it intends to stay in business while restructuring its debt and creating a financially healthier company.

“The impact of Covid-19 on sudden and dramatic travel demand has led to a decline in corporate revenues and bookings in the future,” the company statement said. It said meanwhile action was too fast in responding to the crisis, “uncertainty remains about when revenue will return and when the used car market will fully reopen for sales, which requires action today.”

This filing is arguably the highest bankruptcy profile of the Covid-19 crisis, which has driven bankruptcy by national retailers such as JCPenney, Neiman Marcus and J. Crew, along with several energy companies such as Whiting Petroleum and Diamond Offshore Drilling. But no company that has proposed so far has a large share of their industry as does Hertz, which along with its rivals Avis Budget (CAR) and the privately owned Enterprise dominates the rental car industry

The entire rental car industry has been devastated by a downturn in travel since the pandemic struck earlier this year. Nearly two-thirds of its revenue comes from rentals at airport locations, and air travel has fallen sharply. Since early April, the number of people who passed the TSA checkpoint at US airports has dropped 94% compared to last year.

Filing bankruptcy does not mean the company will be forced out of business. Many companies have gone through the process and continue to record profits, including car makers General machine (GM) and many national airlines. But many companies that have filed for bankruptcy with the intention of staying in business have not survived the process.

Hertz said the bankruptcy process would give him “a stronger financial structure that puts the company’s best position for the future while navigating what could be a long journey and an overall global economic recovery.”

The deep cuts are in place

The company rents out cars under the Hertz, Dollar, Thrifty and Firefly brands, discount brands outside the United States.

The company has made deep cuts to stem losses. This has told 12,000 employees in North America that they lost their jobs, and another 4,000 leave. The US workforce stood at 38,000 employees at the beginning of the year, with around a quarter of them represented by unions.

Hertz (HTZ) The stock closed down 7.5% on Friday and has fallen 82% so far this year. Stocks moved sharply lower in after-hour trading late Friday. Stocks tend to be worthless as part of the bankruptcy process.

Hertz missed payments on April 27, which was due to a group of lenders who rent out vehicles in the Hertz US daily rental fleet. The lender extended the grace period for repayment until 22 May “to engage in discussion … with the aim of developing a financing strategy and structure that better reflects the economic impact of the global Covid-19 pandemic and Hertz’s ongoing operations and financing requirements.”

The company has a total of 568,000 vehicles and 12,400 company locations and franchises worldwide earlier this year. About one third of these locations are at airports.

Most of Hertz’s nonairport business is renting cars to people whose vehicles are repaired after an accident. But with so many people out of work or working from home, miles traveled and the number of car accidents has dropped significantly. Car insurance voluntarily returns more than $ 7 billion, or between 15% to 25% of the premium, to their customers.

Piling up losses and debt

Hertz posted annual revenue of $ 9.8 billion last year, a company record, and rental car revenue was comparable to rivals Avis Budget Group (CAR). But Hertz had problems that preceded the Covid-19 pandemic. It posted a net loss of $ 58 million in 2019, down from a loss of $ 225 million in 2018. But in the first three years, he lost $ 356 million.

Hertz has $ 18.8 billion in debt on March 31, up $ 1.7 billion from the end of last year. Most of the debt, $ 14.4 billion, is supported by vehicles. That includes debts that were missed in April that triggered the latest crisis. It only had $ 1 billion in cash on the balance sheet at the end of March,

Storied history

Hertz was founded in Chicago more than a century ago by Walter Jacobs, who sold the company in 1923 to John Hertz, who changed the company’s name and expanded its fleet to 600 cars. He started the country’s first national rental network in 1925 and opened his first airport location at Chicago Midway Airport in 1932.

Hertz already has a number of prominent company owners, including RCA, United Airlines (UAL), and the latest Wade through (F), which sold it to a group of private equity companies in 2005 for $ 5.6 billion. This was published a year later.

Today’s main shareholder is activist investor Carl Icahn, who owns about 38% of the outstanding shares. He continued to increase his ownership in the company until mid-March. The stock, which increased its ownership size by 26%, has lost more than 60% of its value in the two months since its last purchase.

The problem in Hertz and the rental car business as a whole is bad news for world car makers. Car rental companies are usually the main buyers of new cars. Last year they bought 1.7 million US cars, according to Cox Automotive. That’s the same as 10% of US new car purchases.

Hertz has announced it will not buy a new car for the rest of the year, and that he is starting to sell his vehicle as a used car. In early March, he had sold 41,000 cars from the US fleet and 13,000 from the European fleet. But the cessation of used car auctions and the closure of many used and new car dealers have made sales stop completely.

But it is clear that when used car sales channels return to normal, car rental companies will continue to cut their fleets. Avis Budget said it expected its fleet in America to be reduced by 20% by the end of June, compared to the previous year.

Goodwin Townsend

General internet buff. Hardcore music maven. Typical foodaholic. Friendly student.

Hermann’s Tortoise Lifespan: How to Ensure a Long, Healthy Life

Published

4 days ago

September 16, 2024

Herb Adkins

Ensuring a long and healthy life for your Hermann’s Tortoise requires a combination of proper care, nutrition, and habitat management. Hermann’s Tortoises, known for their charming personalities and distinctive shells, can live for several decades with the right conditions. Understanding their needs and providing a suitable environment is key to helping them thrive. Here’s how you can support your Hermann’s Tortoise in living a long, happy life.

Creating an Optimal Habitat

One of the most critical factors in promoting the longevity of your Hermann’s Tortoise is the creation of a suitable habitat. Providing an environment that mimics their natural surroundings is essential for their overall health. An appropriate habitat helps prevent stress and supports their well-being. For detailed guidance on setting up an ideal habitat, including specific requirements for outdoor enclosures, visit this comprehensive guide on Habitat for Hermann’s Tortoise.

Outdoor Enclosure: Hermann’s Tortoises thrive in outdoor enclosures that provide ample space to roam, bask, and forage. An outdoor setup should include a secure, predator-proof area with access to natural sunlight. Incorporate areas for basking and shade to allow the tortoise to regulate its body temperature. Additionally, include plants, rocks, and hiding spots to simulate their natural habitat and encourage natural behaviors.
Indoor Habitat: If an outdoor enclosure is not feasible, an indoor habitat can also support a long lifespan if set up correctly. Use a large, well-ventilated enclosure with appropriate heating and UVB lighting. Provide a substrate that allows for burrowing and offer various hiding spots and enrichment items.

Diet and Nutrition

A balanced diet is vital for maintaining the health and longevity of your Hermann’s Tortoise. They are primarily herbivores, and their diet should reflect their natural feeding habits.

Leafy Greens: Offer a variety of leafy greens such as kale, collard greens, and dandelion greens. These vegetables provide essential vitamins and minerals that support overall health.
Vegetables and Fruits: Supplement their diet with other vegetables like carrots, squash, and bell peppers. Fruits should be given in moderation due to their high sugar content.
Calcium and Supplements: Provide a calcium supplement to support shell and bone health. A cuttlebone or powdered calcium can be added to their food. Ensure that they also have access to fresh, clean water at all times.

Regular Health Checks

Routine health checks are essential for early detection of potential health issues. Regular veterinary visits help ensure your tortoise remains in optimal condition and addresses any health concerns promptly.

Observation: Monitor your tortoise’s behavior and physical condition regularly. Changes in appetite, weight, or activity level can indicate health problems.
Preventative Care: Schedule annual check-ups with a veterinarian experienced in reptile care. Regular exams help catch any issues early and keep vaccinations and other preventative treatments up to date.

Environmental Enrichment

Providing environmental enrichment helps keep your Hermann’s Tortoise mentally stimulated and active. Enrichment can reduce stress and prevent boredom, contributing to a better quality of life.

Foraging Opportunities: Hide food items around the enclosure to encourage natural foraging behavior. This not only provides mental stimulation but also mimics their natural hunting practices.
Variety: Change the layout of their enclosure periodically and introduce new objects or plants to keep their environment interesting and engaging.

Conclusion

By focusing on creating the right habitat, providing a balanced diet, ensuring regular health checks, and offering environmental enrichment, you can significantly enhance the lifespan and well-being of your Hermann’s Tortoise. For further details on creating an ideal habitat, including tips for designing an outdoor enclosure, refer to this helpful guide on Habitat for Hermann’s Tortoise. Implementing these practices will help ensure that your tortoise enjoys a long, healthy life.

Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.

Portuguese historical films will premiere on 29 December.

Published

2 years ago

December 20, 2022

Herb Adkins

Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

More about

#History of Bermuda #A photo #Portuguese

Model: Everybody, Entertainment, Movies/Movies, History, News

Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.

CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

Published

2 years ago

December 20, 2022

Herb Adkins

CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

News

This is a fact or event of journalistic interest. This may be new or recent information. This also applies to the novelty of an already known situation.

Article

Mostly original text. Expresses the opinion of the author, but not necessarily the opinion of the newspaper. It can be written by journalists or specialists from different fields.

Investigative

A report that contains unknown facts or episodes with a pronounced denunciatory content. This requires special methods and resources.

Content commerce

Editorial content that offers the reader conditions for making purchases.

Analysis

This is the interpretation of the news, taking into account information that goes beyond the facts told. It uses data, brings events and scenario forecasts, as well as past contexts.

Editorial

Analytical text translating the official position of the vehicle in relation to the facts covered.

This is an institutional article on a topic of interest to the company sponsoring the report.

fact checking

Content that confirms the accuracy and authenticity of the disclosed information or facts.

Context

This is an article that brings subsidies, historical data and relevant information to help understand a fact or news.

special

An exciting report that details the various aspects and developments of this topic. It brings data, statistics, historical context, as well as stories of characters that are affected by or directly related to the topic in question.

Interview

A subject-specific approach in which the subject is presented in a question and answer format. Another way to publish interviews is through threads, where the interviewee’s answer is reproduced in quotation marks.

Criticism

A text with detailed analysis and opinions on products, services and works of art in a wide variety of fields such as literature, music, film and visual arts.

Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.