Garrett Motion Strikes Deal With Shareholders On Ch. 11 Plan

Law360 (March 5, 2021, 4:15 PM EST) -- Bankrupt car parts maker Garrett Motion Inc. told a New York bankruptcy judge Friday that it has reached a deal with shareholders to increase their share of the reorganized company in exchange for their support for the Chapter 11 plan.

At a short virtual hearing, counsel for Garrett told U.S. Bankruptcy Judge Michael Wiles that a week of mediation with the case's equity holders' committee had produced a deal and that the company is putting a revised Chapter 11 plan into writing to present to the court next week.

"In the longer term, we're still very much on track to emerge...

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