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  1. #1
    Taking A Stand!!!

    Join Date
    Jul 2009
    Local Union
    492
    Employer
    ABF
    Location
    Albuquerque, NM
    Posts
    41,539
    Rep Power
    912

    Default Hertz Furloughs Continue

    I used to work at Hertz at the Long Beach airport in CA many years ago. Seems this virus has no end to the people it is affecting. And lets hope if they get a bailout, it includes support for the workers.

    It is being reported that Hertz is seeking government aid through the coronavirus bailout package to avoid bankruptcy. Hertz employs Teamsters at locations around the country.

    The company has already reduced the workforce to 10 percent, including management.

    “Teamsters are in discussions with our local unions and the company about furloughs and extensions of benefits for our members,” said Bob Lennox, Western Region Industrial Trades Director. Lennox, who is also Secretary-Treasurer of Local 495 in West Covina, Calif., represents Hertz workers at his local. “We are still working to ensure those still working are doing so safely.”

    The New York Post reported that Hertz Global Holdings faces a $1 billion to $1.5 billion budget shortfall as the COVID-19 pandemic has slashed their business. According to financial records, the publicly traded car-rental chain only has $1 billion in cash on hand to make good on that debt.
    https://teamster.org/news/2020/04/he...oughs-continue

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  3. #2
    Retired !

    Join Date
    Feb 2009
    Local Union
    107
    Employer
    Retired - New Penn
    Location
    South Jersey
    Posts
    16,595
    Rep Power
    361

    Default Re: Hertz Furloughs Continue

    I placed this here since it started with Hertz lay-offs and the company has now filed for bankruptcy protection.

    Breaking: Car rental giant Hertz files for Chapter 11 bankruptcy protection
    Car rental giant Hertz (NYSE: HTZ) filed for Chapter 11 bankruptcy protection late Friday, hours ahead of a creditor forbearance deadline on a nearly $11 billion agreement with some of its asset-based lenders that lease vehicles to Hertz’s U.S. rental car operations.
    After failing to reach an agreement with some of its creditors, Hertz had little choice but to enter a free-fall, Chapter 11 proceeding without sufficient time to plan, according to Joseph Acosta, a partner at Dorsey & Whitney.
    While the company has approximately $1 billion in cash on the balance sheet, it has a total outstanding debt load of around $17 billion.
    The rental car company has a fleet of more than 560,000 vehicles in North America, with an additional 200,000 internationally.

    Despite furloughing 20,000 employees that made up nearly 50% of its global workforce and canceling 90% of its remaining model year 2020 fleet orders in a $2.5 billion cost-cutting effort, it wasn’t enough to stave off bankruptcy.
    https://www.freightwaves.com/news/ca...tcy-protection

  4. #3
    Taking A Stand!!!

    Join Date
    Jul 2009
    Local Union
    492
    Employer
    ABF
    Location
    Albuquerque, NM
    Posts
    41,539
    Rep Power
    912

    Default Re: Hertz Furloughs Continue

    Hertz Bankruptcy Update
    MAY 25, 2020: Late in the night on Friday, May 22, 2020, Hertz filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware for all its brands (Hertz, Dollar, Thrifty) in the U.S. and U.S. territories. Hertz filed bankruptcy proceedings separately in Canada but not in all of the countries it operates.

    It’s important to note that many companies file Chapter 11 bankruptcy in an effort to reorganize their debt and capital structure so that it can continue as a“going concern” business, meaning operating much the way it had but in a more sustained manner. The fact that Hertz filed for bankruptcy does not automatically mean the company will liquidate or close.

    Initial news reports indicate that Hertz wants to use the bankruptcy process to“reorganize” and continue operating their business. It is important to note that the company will continue operating as normal as possible during the COVID-19 pandemic and Teamsters that are working should report to work as scheduled. In line with that statement, Hertz has indicated a desire to pay wages in the ordinary course of business and that it will soon file a motion with the court to do so.
    https://teamster.org/sites/default/f...pdatemay25.pdf

 

 

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