Garrett Shareholders Ask To File Competing Ch. 11 Plan

Law360 (January 26, 2021, 5:08 PM EST) -- A group of shareholders of Garrett Motion Inc. asked a New York bankruptcy judge to end the debtor's exclusive right to pursue a Chapter 11 plan and offered up a plan of their own that they say provides more value to existing equity holders.

In its motion, the official committee of equity securities holders said Garrett's currently filed plan seeks to transfer more than $1 billion of value to a group of private equity investors holding a slim majority of the debtor's shares, leaving a group of smaller investors — currently holding about 42% of the equity — with severely diluted...

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