Garrett Motion Inc - Ordinary Shares - New

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Debt Financing / Related, Divestitures / Spin-offs, Bankruptcy / Related

Garrett Motion Initiates Voluntary Reorganization In Chapter 11

Published: 09/20/2020 23:56 GMT
Garrett Motion Inc - Ordinary Shares - New (GTX) - Garrett Motion Enters Definitive Transaction Agreement, Initiates Voluntary Reorganization in Chapter 11 to Remedy Capital Structure, Support Enters Into a Definitive Agreement With Kps to Serve As Stalking Horse Bidder to Purchase Business for $2.1 Billion.
Voluntarily Files for Chapter 11 Protection, With Support of Holders of Approximately 61% of Its Outstanding Senior Secured Debt.
Seeks Court Approval for $250 Million Debtor-in-possession Financing Facility to Bolster Liquidity Position.
Anticipates Emerging From Chapter 11 and Completing Sale Process in Early 2021.
Expects to Operate Without Interruption, Including Serving Its Customers and Continued Partnerships With Its Valued Suppliers.