Hertz Global Holdings declared bankruptcy

This applies to both the parent company in the United States and its subsidiaries in Canada.

Following the recent announcement by Hertz Global Holdings, Hertz – Autotechnica Ltd., a subsidiary of Autohellas, has announced the following:

Hertz Global Holdings announced that, having been significantly affected by the effects of the pandemic and mobility restrictions imposed over the past three months, it has filed for bankruptcy protection in accordance with Chapter 11 of 22/05/2020 for the parent company in the United States and its Branches in Canada.

Judging by the official statements of Hertz Global Holdings, during the restructuring of the company, its global network will remain fully operational for all three brands owned by Hertz (Hertz, Thrifty, Dollar and Firefly), without any additional consequences for the reservation or brand loyalty program.

Autohellas, which owns the franchise rights for the Hertz brand in Greece and 7 Balkan countries, including Bulgaria (Autotechnica Ltd.), is not related to shareholders or loans / borrowings with Hertz Global Holdings. Thus, Autohellas is not directly dependent on this development.

Provided that the debt restructuring process under Chapter 11 of Hertz Global is completed successfully, we believe that the company will be able to manage its global network even more efficiently.

Short-term rental payments (Hertz Global's core business) account for 16% of the Autohellas group's consolidated revenue, and 84% of the group's consolidated revenue are long-term rental rates, used car sales, and car sales. In addition, as of December 31.12.2019, 294, Autohellas capital reached € XNUMX million, which makes it possible to achieve the lowest debt to equity ratio among all RAC or operating leasing companies in Europe.