New Chapter 11 Filing – Garrett Motion Inc.
On September 20, 2020, Garrett Motion Inc., a designer, manufacturer and seller of turbocharger, electric boosting and connected vehicle technologies, and several affiliates filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case 20-12211). The company reported approximately $2.06 billion in assets and $4.17 billion in liabilities, as of June 30. According to a press release, the debtors have entered into a stalking horse asset purchase agreement with KPS Capital Partners for the potential purchase of its business for $2.1 billion and commenced chapter 11 in order to implement the purchase. A link to Garrett Motion Inc.’s Chapter 11 petition and draft asset purchase agreement can be found here.
Cole Schotz does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel.
Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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