Why Hertz falls? The unexpected bankruptcy of a reasonable downfall

On May 22, 2020, Hertz Global Holdings Inc., one of the nation’s largest car-rental companies, filed for bankruptcy protection Friday, saddled with about $19 billion in debt and nearly 700,000 vehicles that have been largely idled because of the coronavirus.

The outbreak of COVID-19 with the associated travel restrictions and decrease in demand seem to be the obvious reason for the car-rental giants’ fall.

However, if we compared Hertz to Avis, the competitor in the car-rental market, we…