Hertz Global Holdings Inc. cast doubt on its ability to pay debt obligations and continue as a going concern, putting fresh pressure on the rental-car company’s depressed shares.
The company, which has been working with its lenders to stay out of bankruptcy, said it may not have enough cash on hand to pay lenders amid dim prospects for a rapid recovery in its travel-dependent business.
“Management has concluded there is substantial doubt regarding the company’s ability to continue as a going concern within one year,” it said in a regulatory filing Monday.
Hertz also said its first-quarter loss was $1.92 a share, worse than the $1.11 average analyst estimate. The Estero, Fla.-based company burned through $502 million in the quarter, which included about two weeks’ worth of business impacted by coronavirus-related shutdowns.
Shares of Hertz dropped as much as 5.9 percent in after-hours trading after closing down 2.4% at $3.19. The stock is down about 80 percent so far…