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Hertz, the ubiquitous rental car company that's a fixture of airports all over the world, filed for bankruptcy protection on Friday, citing a severe decline in business thanks to the COVID-19 pandemic and the economic downturn that it caused.

 

The Florida-based company announced it would seek Chapter 11 bankruptcy protection on Friday, seeking to not go out of business entirely but to reorganize. It will continue to do business in the interim, using $1 billion in cash on hand to honor bookings, vouchers and more.



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