Avis Budget Group, Inc. Form 8-K dated August 9, 2013
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 12, 2013 (August 9, 2013)
Avis Budget Group, Inc.
(Exact name of registrant as specified in its charter)
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Delaware | | 001-10308 | | 06-0918165 |
(State or Other Jurisdiction of Incorporation) | | (Commission File Number) | | (IRS Employer Identification Number) |
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6 Sylvan Way Parsippany, NJ |
07054 |
(Address of Principal Executive Offices) | (Zip Code) |
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(973) 496-4700 |
(Registrant’s telephone number, including area code) |
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N/A |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 2.06 | | Material Impairments. |
On August 9, 2013, the Company completed the acquisition of 50% of the outstanding shares of its Brazilian licensee for approximately $50 million. In conjunction with this investment, management of the Company expects the Company to record an impairment charge of approximately $30 million in the quarter ending September 30, 2013. The impairment charge relates primarily to the Brazilian licensee’s pre-existing debt. The impairment will not impact the Company’s liquidity, cash flows from operations, compliance with its debt covenants or any future operations, and will not result in any future cash expenditures.
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Item 7.01 | | Regulation FD Disclosure. |
On August 12, 2013, the Company issued a press release announcing the acquisition described in Item 2.06. A copy of the press release is furnished as Exhibit 99.1 hereto.
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Item 9.01 | | Financial Statements and Exhibits. |
(d) Exhibits.
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99.1 | | Press Release dated August 12, 2013. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.
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| By: | | /s/ Bryon L. Koepke |
| Name: | Bryon L. Koepke |
| Title: | Senior Vice President and Chief Securities Counsel |
Date: August 12, 2013
AVIS BUDGET GROUP, INC.
CURRENT REPORT ON FORM 8-K
Report Dated August 12, 2013 (August 9, 2013)
EXHIBIT INDEX
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Exhibit No. | | Description |
99.1 | | Press Release dated August 12, 2013. |