Garrett Motion Gets OK On $2.6B Stalking Horse Bid In Ch. 11

Law360 (October 23, 2020, 6:01 PM EDT) -- A New York bankruptcy judge approved a $2.6 billion stalking horse agreement to set a floor for the assets of auto parts maker Garrett Motion that includes a disputed $84 million in bid protections, saying the deal is needed to ensure a competitive sale and plan process.

During a virtual hearing, U.S. Bankruptcy Judge Michael Wiles said the stalking horse offer from KPS Capital Partners would serve a critical role in the Chapter 11 case as Garrett Motion pursues a sale of its assets, and that the bid protections — including a $63 million breakup fee if the debtor closes a...

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