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  1. #1
    Taking A Stand!!!

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    Default Hertz informational news

    I used to work for this company many years ago at the Long Beach Airport. I was not union but I was in the office. Seems to me absolutely no one is immune to the nonstop corporate greed in this country. It's not just the trade deals causing the layoffs and this is a good example.
    Drivers facing layoffs from the Hertz car rental company staged a work strike at San Francisco International Airport in protest of alleged unfair treatment from their corporate employer.

    The strike and rally featuring nearly 100 frustrated workers took place Monday, Nov. 7, outside the Hertz car rental office as drivers who say their jobs are threatened chanted and marched in solidarity.

    More than 150 drivers, who shuttle rental cars from remote parking lots to be available for customers, were served termination notices as Hertz has opted to outsource their positions to a vendor specializing in such services.
    Many of the workers are associated with Teamsters Local 665, and union spokesman Rudy Gonzalez said offers to meet with Hertz to discuss the labor dispute have been rebuffed.



    - See more at: Airport car rental workers strike: Hertz drivers rally to stop layoffs but company says decision is final - - San Mateo Daily Journal

  2. #2
    Taking A Stand!!!

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    Default Salt Lake City Hertz Workers Win First Contract


    Workers at Hertz rental car at the Salt Lake City airport have more to smile about after securing the first Teamster contract with Local 222 for the counter service, Gold Choice and Instant Return unit. The 22 new members are in good company as they work alongside mechanics and vehicle service attendants who have been members of the local union for a few years.

    “The Salt Lake City airport Hertz workers wanted stability,” said Britt Miller, business agent and organizer at Local 222, Salt Lake City, Utah. “Hertz had arbitrarily changed work rules. These unpredictable changes affected the workers and their families – so having a Teamster contract is worth a lot to them.”

    The Salt Lake City airport is a hub for Delta Airlines and travelers rent more than 300 cars per day. Each car has to be cleaned and prepped for the next customer in record-time – and the Teamsters crew makes sure that it happens.
    https://teamster.org/news/2016/12/sa...first-contract

  3. #3
    Scab Hating Union Thug

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    Default Re: Salt Lake City Hertz Workers Win First Contract

    This was a hard fought campaign and a big win for our local.

    Sent from my SGH-T399 using Tapatalk

  4. #4
    Scab Hating Union Thug

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    Default Hertz Equipment Rental Center Teamsters Ratify Strong Three-Year Contract

    TUKWILA, Wash.)—Teamsters Local 174 members at Hertz Equipment Rental Corp. (HERC) voted overwhelmingly on January 13 to ratify a new 3-year agreement. Local 174 represents 26 heavy equipment rental truck drivers at the company. This new contract comes after several months of negotiating, and a unanimous strike authorization vote on December 16.

    The new agreement includes important improvements in HERC employees’ wage and benefit packages. They will see an over 11 percent improvement in their wage and benefit package in the first year of the contract, and over 5 percent in improvements in each of the subsequent years. The agreement also includes a change from a company medical plan to a superior Teamster medical plan.

    https://teamster.org/news/2018/01/he...-year-contract

    Sent from my SM-J327T using Tapatalk

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  6. #5
    Taking A Stand!!!

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    Default Hertz informational news

    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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  8. #6
    Retired !

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    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

  9. #7
    Taking A Stand!!!

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    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

  10. #8
    Taking A Stand!!!

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    Default Re: Hertz Furloughs Continue

    Was Hertz’s Bankruptcy And Layoffs Necessary: The Role Securitization Played

    Always, always, these private equity investors seems to be a huge problem behind companies going bankrupt. Sears is a good example.
    Hertz (HTZ), an iconic American company, is laying off thousands of its employees at a time when the federal government has decided to pour billions of dollars into the economy to protect American jobs. Was bankruptcy filing the only option left? Why couldn't Hertz renegotiate its debt with the lenders or access funds from the government to avoid the bankruptcy and layoffs?

    A standard narrative is that Hertz just could not compete with Uber and Lyft, as well as other car rental companies that were more agile to adapt to new technology. COVID-19 just hastened the eventual outcome. There is undoubtedly some truth in that argument. But the firm's financial policies have a lot to do with its predicament today. A poorly managed competitive strategy quickly turned into a death sentence for the company due to its mismanaged financial policies.

    Hertz has seen several ownership changes and corporate restructuring in its long history, but a key event in 2005 made it particularly vulnerable to an economic shock. This was the year when Ford Motor Company (NYSE:F), the owner of Hertz since 1994, decided to spin it off to a group of private equity investors in a leveraged buyout transaction (LBO). The deal was financed with a heavy dose of debt, as is typical in an LBO transaction. A year later, the private equity group brought Hertz back to the public market as an independent company by listing its IPO under the ticker HTZ. Private equity investors got out with a hefty payout, but the company could never get out of its massive debt burden that the LBO transaction imposed on it.
    https://www.forbes.com/sites/amiyato.../#aedd20258a5c

  11. #9
    Retired !

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    Default Re: Hertz Furloughs Continue

    The Teamsters now have a dedicated link for the members affected by the Hertz bankruptcy.

    On May 22, Hertz declared bankruptcy. The Teamsters Industrial Trades Division will continue to update local unions, and the nearly 6,000 Teamsters at Hertz and its affiliates, on key developments in the bankruptcy. We will post relevant information in this space.
    That link is here: https://teamster.org/hertz-bankruptcy/

  12. #10
    Retired !

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    Default Re: Hertz informational news

    News from the Hertz bankruptcy and it's effort to reduce it's fleet.
    The full story is in the WSJ, however that is a subscription site. This story fills in some of the info.

    Hertz inks temporary deal with creditors linked to fleet-reduction plan
    Hertz Global Holdings Inc. HTZ, -5.38% has reached an interim $650 million deal with a creditor group that has been fighting the rental-car company's plan to reduce the size of its leased fleet, mostly idled amid the coronavirus pandemic, The Wall Street Journal reported Tuesday. The resolution between Hertz and its asset-backed securities lenders and their representatives is effective at least through the end of the year, the newspaper said, citing a filing in bankruptcy court. Hertz filed for bankruptcy in May and has said it wanted to cut down its fleet size. Hertz shares are down 91% this year, compared with losses of 6% for the Dow Jones Industrial Average DJIA, -0.68% and contrasting with gains of 0.8% for the S&P 500 index SPX, -0.61% in the same period. Hertz last month pulled out of a planned and controversial stock offering.
    https://www.marketwatch.com/story/he...lan-2020-07-21

 

 

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