Hertz bankruptcy: Rental car company asks for a loan as it tries to restructure — Roadshow

Watford were the more vibrant side before half-time before retreating after the break.

Middlesbrough saw chances come and go, with Britt Assombalonga their most dangerous player, but Watford showed a resoluteness often missing last season.

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According to a Bloomberg report on Tuesday, Hertz filed for debtor-in-possession financing, indicating choppy waters ahead. DIP financing comes from creditors who believe a company has a solid recovery plan to execute as it works to restructure. But as a rental car companies are reliant on travelers, the industry’s likely in for a gloomy outlook considering the coronavirus pandemic continues unchecked in numerous parts of the world. 

The filing indicated the company has $1.4 billion of cash on hand, though revenue plunged 67% in the second quarter. If there’s a smidge of a silver lining, Hertz did say demand has slowly started to recover each month, but it’s nowhere near pre-COVID-19 levels. Still, the firm plans to offload another 182,000 cars in its rental fleet. According to the report, Hertz already sold off 100,000 cars as it reached a deal to forgo lease payments on the vehicles’ master lease to save money amid bankruptcy.

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Bird has denied it received a loan from the US government to help it through COVID-19. Its statements follow reports Monday that the electric scooter company received between $5 million and $10 million under the government’s Paycheck Protection Program in April. Both CNBC and The Verge found Bird in the data released Monday by the Trump administration as part of its coronavirus economic stimulus package under the CARES Act, but Bird says it didn’t go through with its loan application.

The likes of Troy Deeney, Danny Welbeck, Ismaila Sarr and Will Hughes were among a raft of players absent here through a combination of injury, lack of match fitness or simply sitting in the departure lounge waiting for a move before the window shuts next month.

Last season Palace’s biggest weakness was the number of goals they scored. Only Norwich, who finished bottom, scored fewer (26) than Palace’s 31.

A 14th-placed finish was largely down to Palace’s strong defensive record.

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The Hertz bankruptcy ordeal continues, and while the rental car company continues to offload used cars at some dirt-cheap prices, it still needs other sources of cash in the meantime.

It worked at first but the physical demands of tracking back for Ronaldo were huge and he faded as the season fizzled out and Ancelotti was sacked. With no break in the summer because of the 2015 Copa America he went into his second season unfit and under the orders of new coach Rafa Benitez. 

It’s early days of course and the remaining weeks of the transfer window will bring further upheaval, but Watford proved just about superior to a Middlesbrough team who you sense would be more than content with mid-table anonymity.

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And at Palace it all seems to make sense. From that previous loan spell not much has changed from Roy Hodgson still being manager to Jordan Ayew and Wilfried Zaha still occupying positions in an attack which Batshuayi fitted in so well.

According to VanderZanden, Bird had begun an application with Citi «early on,» but decided not to go through with it on April 23. «It looks like Citi started an application while they waited for our decision on whether to formally apply…They confirmed that the temp app. was cancelled that evening and never submitted.»

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Since that 2016-17 season he’s made cameo appearance after cameo appearance without ever establishing himself in the firm plans of a manager he’s played under.

Loan spells at Borussia Dortmund and Valencia — as well as the one at Palace — have come and gone.

For someone who has become one of Chelsea’s forgotten men in recent years it’s perhaps important to note it was the Belgium striker who came on against West Brom when the score was 0-0 with the Premier League title still to be clinched.

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