Is an over-levered car-rental business “essential”?

You can bet your devalued dollar that is the pressure from lobbyists on Capitol Hill right now as The Wall Street Journal reports that Hertz is preparing for a possible bankruptcy filing after the rental-car company failed to make lease payments to preserve cash amid the Covid-19 pandemic, according to people familiar with the matter.

If a sufficient amount of creditors don’t agree to waive any default by the end of the grace period, “Hertz could be materially and negatively impacted” the company said.

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