Avis Budget Secures $650 Million Pentwater Settlement, Sending Shares Up 6.5%
Updated
Updated · Bloomberg · Jun 22
Avis Budget Secures $650 Million Pentwater Settlement, Sending Shares Up 6.5%
3 articles · Updated · Bloomberg · Jun 22
Summary
$650 million in cash is set to go to Avis Budget Group under a settlement with Pentwater Capital Management over alleged short-swing profits, according to a filing.
Court approval is still required before the payment can be completed, making the filing the key remaining step in closing the dispute.
Avis shares rose 6.5% in postmarket trading Monday, signaling investors viewed the prospective payout as materially positive for the car-rental company.