Garrett Motion's Honeywell Deal Gets Ch. 11 Plan Nod

Law360 (April 23, 2021, 5:51 PM EDT) -- Bankrupt vehicle parts manufacturer Garrett Motion Inc. received court approval in New York on Friday for its Chapter 11 plan centered around a $1 billion deal with former parent Honeywell Inc. that addresses legacy asbestos liabilities and gives existing shareholders a significant portion of new equity.

During a virtual confirmation hearing, debtor attorney Andrew G. Dietderich of Sullivan & Cromwell LLP said the plan enjoyed the overwhelming support of its creditors and was only possible through the participation of all parties, including secured lenders, equity holders and Honeywell.

"The company is very excited about the possibilities ahead with its restructured balance...

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