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.
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