Avis says it was paid $650 million under settlement with Pentwater Capital Management
CAR•Avis Budget Group said it received a $650 million cash settlement on October 5, 2026, resolving a short-swing profits lawsuit. It expects to use part of the payment to repay $350 million of 5.750% senior notes due 2027 before year-end.
1. Settlement payment
Avis Budget Group said it received a $650 million cash settlement on October 5, 2026, under an agreement with Pentwater Capital Management LP that resolves a short-swing profits lawsuit. The court-approved settlement payment is to be recognized in the company’s fourth-quarter financials.
2. Debt repayment plan
Avis expects to use a portion of the settlement proceeds to repay $350 million of its 5.750% senior notes due 2027 before year-end.
