Hertz: Car rental firm files for US bankruptcy protection

[ProfessorGAC]

24. They've Got A Billion In Cash

Their debt load exceeds $20 billion.
Service on debt is $1.5 billion per quarter.
They, in fact, do not have enough cash to even cover debt payments for a quarter, let alone operating costs.
Reduced cash positions and treasury stock purchases are plaguing many corporations. It's been in vogue for around 20 years, but it assumes zero chance of uncontrollable extrinsic forces.
It's a Pollyanna view of business, and they got pinched for it.
It's an artifact of the 80s b-school mantra of "shareholder value is all that matters" philosophy.