Auto-parts maker Garrett Motion files for bankruptcyChristian Fernsby ▼ | September 21, 2020
Garrett Motion announced that it has entered into an agreement with KPS Capital Partners with respect to a potential purchase of its business and commenced voluntary Chapter 11 cases with the United States Bankruptcy Court for the Southern District of New York in order to implement the purchase.
Bankruptcy Garrett Motion
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The proceeds of the new financing, which is subject to Court approval and the satisfaction of other conditions precedent, will supplement cash flow from ongoing operations and bolster the Company’s liquidity position during the Chapter 11 cases.
The KPS stalking horse transaction agreement is subject to higher or better offers in the bankruptcy case.
Closing of the transaction is subject to customary regulatory approvals, as well as court approval and other customary conditions. ■