Recent Updates — CAR
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.
On September 21, 2026, Avis Budget Rental Car Funding (AESOP) LLC issued $650 million of five-year asset-backed securities. The issuance comprised Class A notes ($474.5 million at 5.69%), Class B notes ($61.75 million at 5.95%), Class C notes ($47.125 million at 6.44%), and Class D notes ($66.625 million at 8.14%). Additionally, $35.75 million in subordinated Class R notes were issued to comply with U.S. risk retention rules. The debt is secured by vehicles in the company's domestic fleet. Avis Budget Group operates in the car rental industry.
Avis Budget Group announced that Executive Vice President and Chief Digital & Innovation Officer Ravi Simhambhatla will leave the company on September 30, 2026, to ensure a smooth transition. Mr. Simhambhatla served in his role for four years. Avis Budget Group operates in the car rental industry.
Avis Budget Group, Inc. reported second quarter 2026 financial results for the period ended June 30, 2026. The company generated revenues of $3.0 billion, net income of $63 million, and Adjusted EBITDA of $286 million. Total company vehicle utilization reached 72.6%, a record high for the quarter, while per-unit fleet costs decreased 4% year-over-year to $290 per month. During the quarter, the company issued $300 million in add-on unsecured Senior Notes due 2031 to repay a portion of notes due 2027, refinanced its $2 billion senior revolving credit facility with a maturity in June 2031, and established a new $200 million senior revolving credit facility maturing in June 2028. Liquidity stood at approximately $1.0 billion with $1.9 billion of additional fleet funding capacity. Avis Budget Group operates in the car rental and mobility solutions industry.
Avis Budget Group, Inc. entered into an Eleventh Amendment to its Sixth Amended and Restated Credit Agreement on June 29, 2026, to refinance a $2 billion revolving loan facility with a new $2 billion revolving facility maturing in 2031, and to establish a new $200 million revolving loan facility maturing in 2028. Avis Budget Group, Inc. operates in the vehicle rental industry and provides car rental services.
Avis Budget Group, Inc. entered into a Settlement and Release Agreement with Pentwater Capital Management LP and affiliated persons to settle a Section 16(b) short-swing profit recovery lawsuit. The settlement amount is $650,000,000 in cash, which is subject to court approval. Avis Budget Group, Inc. operates in the vehicle rental industry and provides car rental services.