When COVID-19 put a pause on travel, Hertz was forced to file for bankruptcy to protect its business. In its moment of truth, Hertz enlisted FTI Consulting to support its global restructuring activity.


Following the outbreak of COVID-19 and associated travel restrictions, Hertz experienced a severe decline in its global business and mounting liquidity demands, while its vehicle financing structure required significant monthly mark-to-market payments. Despite undertaking various liquidity initiatives, such as reducing vehicle purchase commitments, securing airport concession deferrals and abatements, and implementing furloughs and terminations, Hertz filed for Chapter 11 in May 2020.

Our Role

  • FTI Consulting was engaged by Hertz to develop its Chapter 11 plan and support its domestic and international restructuring activities.
  • Leveraging its global footprint, FTI Consulting deployed more than 150 experts across the U.S., UK, Germany, France, Italy, Spain and Australia to support the engagement.
  • FTI Consulting assisted with cash forecasting and liquidity management; oversaw vendor- and supplier-related matters; and prepared a quality-of-earnings report for the sale of Hertz's Donlen subsidiary.
  • FTI Consulting's team of experts managed diligence activities and communications with financial and legal advisors and provided a temporary senior-level accounting resource, among other activities.

Our Impact

  • In June 2021, Hertz announced that it had successfully completed its Chapter 11 restructuring process and "emerged as a financially and operationally stronger company that is well-positioned for the future."
  • Hertz successfully negotiated many key aspects of its capital structure, including USD$1.65 billion in funds for general corporate purposes and critical fleet equity needs.
  • Hertz successfully de-fleeted approximately 200,000 vehicles, facilitating the repayment of USD$4.3 billion in debt principal and sold its Donlen business for approximately USD$875 million.

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