Why Hertz Global Holdings Shares Crashed Today

Why Hertz Global Holdings Shares Crashed Today

Shares of Hertz Global Holdings (NYSE: HTZ) fell 80% on Tuesday after the rental car giant filed for Chapter 11 bankruptcy in Delaware. Hertz fell into bankruptcy late Friday, a victim of the COVID-19 pandemic and its impact on travel demand. Hertz said that global revenue fell more than 70% year over year in April and was not enough to service its $19 billion in total debt.