Shares of Hertz Global Holdings Inc. /zigman2/quotes/200655672/composite HTZ 0.00% plummeted 13% on heavy volume in morning trading Wednesday, after the auto rental company disclosed that it "did not make certain payments" required under operating lease and service agreement. Trading volume ballooned to 46.1 million shares, compared with the full-day average of about 17 million shares. Hertz said in an 8-K filing with the Securities and Exchange Commission that it has been in discussion with senior credit facility lenders to temporarily reduce required payments under the operating lease, as the COVID-19 pandemic has caused a "rapid, sudden and dramatic" negative impact on its businesses. Hertz said if the payments are made by the end of the grace period on May 4, and enough of its lenders don't agree to waive any resulting default or choose not to exercise remedies, "Hertz could be materially and negatively impacted." The filing comes after The Wall Street Journal reported last week that Hertz had hired lawyers and investment bankers as advisers as it tried to renegotiate its $17 billion of debt. The stock has plummeted 73% over the past three months, while rival Avis Budget Group Inc. shares /zigman2/quotes/203618115/composite CAR +0.04% have declined 49.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.60% has lost 10.5%.