Garrett Motion, Honeywell Agree To $1.2B Ch. 11 Deal

Law360 (January 11, 2021, 3:51 PM EST) -- Bankrupt car part maker Garrett Motion Inc. canceled its plans to pursue a sale of its assets Monday, telling a New York judge it is pivoting to a reorganization plan supported by existing investors and relying on a settlement with former parent Honeywell Inc. to resolve $1.2 billion in lingering asbestos liability.

In documents filed in the bankruptcy court, Garrett Motion said it had canceled a planned hearing on its asset sale track and said it had signed a plan support agreement with Honeywell and investors Centerbridge Partners and Oaktree Capital that will allow current shareholders to keep their equity in...

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