Car-rental giant Hertz is reportedly preparing for a potential bankruptcy after it missed lease payments

Car-rental company Hertz is preparing for a potential bankruptcy filing, The Wall Street Journal reported Wednesday, as the coronavirus pandemic brings nearly all travel to a standstill.

People familiar with the matter told the paper that Hertz is working to reduce its debt payments and is in talks on a forbearance agreement that could help it avoid bankruptcy. The situation remains fluid, according to the Journal’s sources.

Hertz did not immediately respond to a request for comment from Business Insider.