Avis Budget Group receives $650M settlement from Pentwater

Avis Budget Group (NASDAQ: CAR) received a $650 million cash settlement on October 5, 2026, from Pentwater Capital Management LP and certain affiliated persons, resolving a lawsuit the company filed to recover short-swing profits under Section 16(b) of the Securities Exchange Act of 1934.

The settlement, which was previously agreed upon on June 19, 2026, received court approval and will be recognized in the company's fourth quarter financial statements.

Avis Budget Group said it expects to use a portion of the settlement proceeds to repay the remaining $350 million outstanding principal amount of its 5.750% Senior Notes due 2027 before the end of the year.

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