Other Events ·
Avis Budget receives $650M settlement from Pentwater to repay $350M in notes
CARAvis Budget Group, Inc.
Avis Budget Group received a $650 million cash settlement from Pentwater Capital Management LP, concluding the company's lawsuit for short-swing profit recovery under Section 16(b) of the Securities Exchange Act of 1934. The court-approved payment will be recognized in the fourth quarter financial statements. Avis Budget intends to use a portion of these funds to repay the remaining $350 million outstanding principal amount of its 5.750% Senior Notes due 2027 before year-end. The company operates in the car rental and fleet management industry.