Rental car company Hertz is making last-minute maneuvers in a bid to avoid Chapter 11 bankruptcy amid an unprecedented slowdown in travel spending.

Hertz has disclosed that it received approval from its lenders to continue negotiations through May 22 to “develop a financing strategy and structure that better reflects the economic impact" of COVID-19.

The move comes amid widespread reports that the company is barreling toward a potential bankruptcy filing.

Hertz warned in a public filing that the pandemic has led to "a rapid, sudden and dramatic negative impact" on its business. The company said it has "taken aggressive action to eliminate costs," including a plan announced April 14 to cut about 10,000 jobs.

But the company still "faces significant ongoing operating expenses," including agreements that commit the company to lease more vehicles than it currently needs.

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