On October 5, 2026, Avis Budget Group, Inc. (the "Company") was paid a settlement amount of $650,000,000 in cash (the "Settlement Amount"), pursuant to the previously reported Settlement and Release Agreement entered into on June 19, 2026 with Pentwater Capital Management LP and certain affiliated persons ("Pentwater"), to settle the Company’s lawsuit against Pentwater for the recovery of short-swing profits under Section 16(b) of the Securities Exchange Act of 1934. The payment of the Settlement Amount was approved by the court and will be recognized in the Company’s fourth quarter financial statements.

 

The Company expects to use a portion of the Settlement Amount to repay the remaining $350 million outstanding principal amount of its 5.750% Senior Notes due 2027 prior to year end.