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Consolidated "Hertz Files for Chapter 11 Bankruptcy on May 22, 2020" Thread

Consolidated "Hertz Files for Chapter 11 Bankruptcy on May 22, 2020" Thread

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Old May 22, 20, 8:39 pm   -   Wikipost
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Official Press Release - click here

Excerpts:
  • Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or the "Company") ... announced it and certain of its U.S. and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
  • All customer and loyalty programs [are] expected to continue as usual
  • Hertz's principal international operating regions including Europe, Australia and New Zealand are not included in [the] U.S. Chapter 11 proceedings. In addition, Hertz's franchised locations, which are not owned by the Company, also are not included in the Chapter 11 proceedings.
  • All of Hertz's businesses globally, including its Hertz, Dollar, Thrifty, Firefly, Hertz Car Sales, and Donlen subsidiaries, are open and serving customers. All reservations, promotional offers, vouchers, and customer and loyalty programs, including rewards points, are expected to continue as usual.
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Old Apr 27, 20, 7:29 am
  #1  
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Exclamation Consolidated "Hertz Files for Chapter 11 Bankruptcy on May 22, 2020" Thread

Goes bankrupt, etc. (given their cash position, non-support from the government for bailout support, rapid declining of the the value of their inventory of cars, etc.), suggestions for best actions to take now to utilize accumulated Gold points?

Last edited by FlyinHawaiian; May 23, 20 at 4:32 am Reason: retitled thread to reflect current state
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Old Apr 27, 20, 11:10 am
  #2  
 
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Convert to airline miles.
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Old Apr 27, 20, 8:28 pm
  #3  
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Where on the Hertz site does it allow you to exchange the points for airline miles? The only thing I see that you can use the points for, are car rentals and "bid and buy" travel experiences (for which there are none).
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Old Apr 28, 20, 8:48 am
  #4  
 
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How can I redeem Hertz Gold Plus Rewards® points for frequent traveler rewards with airlines and hotels?

You can redeem your Hertz Gold Plus Rewards® points for frequent traveler points online:
  1. Log in at hertz.com
  2. At the top navigation bar, click on "My Account," from there select "Use My Points."
  3. Select the "Exchange My Points" tab.
  4. Complete the form and hit "Submit."
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Old Apr 28, 20, 8:56 am
  #5  
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thanks... yes, i saw those instructions before, but there is no "exchange my points" tab. not that I can see, anyway.
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Old Apr 28, 20, 12:08 pm
  #6  
 
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Originally Posted by Auto Enthusiast View Post
How can I redeem Hertz Gold Plus Rewards® points for frequent traveler rewards with airlines and hotels?

You can redeem your Hertz Gold Plus Rewards® points for frequent traveler points online:
  1. Log in at hertz.com
  2. At the top navigation bar, click on "My Account," from there select "Use My Points."
  3. Select the "Exchange My Points" tab.
  4. Complete the form and hit "Submit."
Originally Posted by randix View Post
thanks... yes, i saw those instructions before, but there is no "exchange my points" tab. not that I can see, anyway.

After Hertz introduced the new interface, those instructions are outdated and isn't valid anymore. AFAIK, I don't see the option online anymore and I believe you would have to call them.
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Old Apr 28, 20, 12:10 pm
  #7  
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Thanks

I was about to get my eyes examined.

Originally Posted by easy_money View Post
After Hertz introduced the new interface, those instructions are outdated and isn't valid anymore. AFAIK, I don't see the option online anymore and I believe you would have to call them.
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Old Apr 29, 20, 6:39 am
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Originally Posted by randix View Post
Goes bankrupt, etc. (given their cash position, non-support from the government for bailout support, rapid declining of the the value of their inventory of cars, etc.), suggestions for best actions to take now to utilize accumulated Gold points?
If Hertz decides to take the route of bankruptcy, it will not be a total liquidation, it will be a reorganization under the protection of a bankruptcy court with all the protections afforded any other company. If that did happen it would be extremely foolish of them to dissolve their Hertz Rewards program. The previous members of that program would be snapped up by Avis and National very quickly in order to gain valuable market share.
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Old Apr 29, 20, 6:45 am
  #9  
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Are Avis and National in better shape than Hertz financially?
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Old Apr 29, 20, 9:44 am
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Originally Posted by MSPeconomist View Post
Are Avis and National in better shape than Hertz financially?
National is owned by Enterprise RAC, they are in much better shape financially.
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Old Apr 29, 20, 10:46 am
  #11  
 
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Originally Posted by Auto Enthusiast View Post
Convert to airline miles.
Terrible idea, IMO. Assuming one has a decent balance of points in both Hertz and an airline program, I wouldn't want to move all those eggs into one basket. There's no reason to think your airline miles aren't equally at risk of vaporizing (not too likely) or massively devaluing (highly likely) as Hertz points.

Loyalty points are constantly devaluing everywhere. Use them as fast as you can. But if you can't use them quickly, at least stay diversified.

Even after routine no-notice devaluations of the program, I find Hertz points pretty useful. Have saved a lot of money over the years using Hertz points for weekly rentals in expensive US locations.

Link to article today on HTZ getting ready for possible bankruptcy filing:
https://www.thestreet.com/investing/...kruptcy-filing
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Last edited by Herb687; Apr 29, 20 at 10:51 am Reason: link to article
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Old Apr 29, 20, 10:55 am
  #12  
 
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Hertz misses lease payment, preps for potential bankruptcy

Story here: https://www.foxbusiness.com/money/he...ial-bankruptcy

Hertz Global Holdings Inc. 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.

The rental-car company and its advisers are negotiating with senior lenders and certain holders of its vehicle finance subsidiary's notes with the aim of temporarily reducing payments, the company said Wednesday in a securities filing.

The situation is fluid, the people familiar with the matter said, adding that Hertz is in talks with lenders on a forbearance agreement to waive a default and to potentially avoid bankruptcy.
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Old Apr 29, 20, 12:00 pm
  #13  
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At this point the lenders/banks would be crazy not to work out an forbearance agreement. They'd eventually end up with a pile of rapidly depreciating property (vehicles) otherwise and not much else.
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Old Apr 29, 20, 12:05 pm
  #14  
 
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Well that explains the recent tech issues...
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Old Apr 29, 20, 12:21 pm
  #15  
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Fyi you can use a trick to get the old much more functional Hertz website interface to come up...

Go to the deals>offers menu link on the website. Pick a coupon deal a $s off rental. You'll be presented with the old interface, but if you navigate away the new will come back at this point.
Log in to your account via the 'login' link in upper right. It'll keep you on the same deals page.
Go through the process like you are making a rental, enter city, dates etc. Once the list of cars come up, now you can navigate to other links on the site and the old interface will stick.

Unfortunately it only sticks as long as you are logged in... once that times out the new interface comes back and you ave to do the above workaround again.
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