Car rental company Hertz filed for bankruptcy protection in the U.S. after the pandemic saw its business plummet.
The company, which receives much of its car rental revenue at airports, said it was affected by the sharp slowdown in global travel.
He will continue to operate while restructuring his debts.
Hertz's international operations in Europe, Australia and New Zealand, as well as its franchise locations in the USA, are not affected.
The company – which started operating a century ago in Chicago with a dozen Ford Model T cars – had already laid off or laid off 20,000 employees, or about half of its global workforce, in response to the pandemic.
Its chief executive resigned last week.
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Before the pandemic, the company accumulated billions of dollars in debt, with the increase in hitchhiking applications, leading to a drop in demand for car rentals.
"Covid-19's impact on travel demand was sudden and dramatic, causing an abrupt decline in company revenue and future bookings," said Hertz on Friday.
Although he took "immediate action to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity", uncertainty about whether and when the market would recover led to his decision.