Hertz Global Holdings (and the Hertz Corporation) filed for Chapter 11 protection on May 22, 2020. They emerged from Chapter 11 on June 30, 2021. Answer the following questions concerning Hertz during this time period, and support your comments with facts!

1. (15 points) Describe Hertzs financial performance and position for the 3 years prior to 2020. Consider its sales and profitability, how the business was financed, its ability to generate cash, any patterns/ trends, etc.

2. (10 points) What happened in the beginning of 2020? What did Hertz do in the first 4 months in an attempt to mitigate the issue?

3. (10 points) Compare the financial position immediately before entering Chapter 11 (Q1 2020) and after emerging (Q2 2021). What are the most significant balance sheet changes?

(10 points) How was the Chapter 11 case settled (that is, what cash was received by the business, and what proceeds did pre-petition creditors receive)?