LOS ANGELES (CBSLA) — Hertz, one of the largest car rental companies in the United States, is on the verge of bankruptcy as the coronavirus pandemic has decimated rental demand.

Hertz Global Holdings Inc. could seek Chapter 11 protection as early as Friday evening, according to the Wall Street Journal.

The move comes after Hertz failed to come to terms with its lenders, the Journal reported.

Hertz recently announced plans to lay off 10,000 employees in North America as the pandemic all but wiped out demand for rental cars.