Garrett Motion extends deadline to submit bids for assets to Dec. 10

By Sarah Lizee

Olympia, Wash., Dec. 4 – Garrett Motion Inc. extended the deadline to submit bids for its assets to Dec. 10 from Dec. 7, according to a notice filed Friday in the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company received court approval of the bidding procedures for a competitive process to either sell the business or raise equity capital for a stand-alone plan of reorganization.

The competitive process is expected to conclude at an auction on or about Dec. 18.

A sale hearing is scheduled for Feb. 11.

The bidding procedures permit Garrett to explore all options, including sales of Garrett for cash, sales of Garrett with co-investment rights offered to stakeholders and stand-alone plans of reorganization.

Rolle, Switzerland-based Garrett Motion is a provider of passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions. The company filed for Chapter 11 bankruptcy on Sept. 20 under case number 20-12212.

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