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Car rental giant Hertz (HTZ) tumbled roughly 25% in premarket trading after a report that it’s prepping for bankruptcy.
The Wall Street Journal reported late Monday that Hertz hired an “additional adviser” to help guide it through bankruptcy. The company, which has $17 billion in debt, missed a lease payment last week, according to the newspaper.
Hertz faces two problems: Coronavirus has obliterated travel demand and travelers are increasingly using ride-hailing services for their trips.
Shares of Hertz will be down more than 100% for the year if the premarket losses hold.
