Garrett Motion gets extension of milestones under support agreement

By Sarah Lizee

Olympia, Wash., Jan. 8 – Garrett Motion Inc. entered into the first amendment to its restructuring support agreement with holders of roughly 61% of the aggregate outstanding principal amount of loans under its credit agreement with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filed Friday with the Securities and Exchange Commission.

Among other things, the amendment extends some of the milestones contained in the support agreement.

Under the amended milestones, the company must file a Chapter 11 plan and disclosure statement by 11:59 p.m. ET on Jan. 8.

The disclosure statement must be approved by 11:59 p.m. ET on Feb. 22, and the plan must be approved by 11:59 p.m. ET on April 7.

The plan has to go into effect by April 30.

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 in the U.S. Bankruptcy Court for the Southern District of New York under case number 20-12212.

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