Car rental company Hertz has been saved from imminent bankruptcy after reaching an agreement to postpone a lease payment, Financial Times reports. 

Earlier on Tuesday, the Wall Street Journal reported that Hertz was close to filing for Chapter 11 bankruptcy protection. Now, the car rental company appears to be able to avoid this as it has reached an agreement to postpone a lease payment for its car fleet until May 22. 

Hertz writes that the settlement gives the company time to hold discussions with key shareholders with the goal of developing a financing strategy and structure that better reflects the economic impact of the corona crisis.

Herzt, like other rental companies, has been hit hard by the coronavirus pandemic as the company is heavily dependent on the aviation industry. According to the Financial Times, airport car rentals account for two-thirds of their business in the US and Europe. 

Among Hertz's major owners is billionaire Carl Icahn, who owns 39 percent of the shares.

Source: di.se