Brief: Garrett Motion Reaches Agreements With Centerbridge, Oaktree

Garrett Motion. (Delaware)

13/04/2023 11:06

April 13 (Reuters) - Garrett Motion Inc  G02.F :
    * GARRETT MOTION REACHES AGREEMENTS WITH CENTERBRIDGE AND
OAKTREE
TO TRANSFORM CAPITAL STRUCTURE
    * GARRETT MOTION INC: REPURCHASE OF $570 MILLION OF SERIES A
PREFERRED SHARES FROM CENTERBRIDGE AND OAKTREE
    * GARRETT MOTION INC - CENTERBRIDGE AND OAKTREE WILL REDUCE
THEIR
GOVERNANCE RIGHTS AND LOCK UP THEIR REMAINING SHARES
    * GARRETT MOTION INC - CENTERBRIDGE AND OAKTREE TO REMAIN
CO'S
LARGEST SHAREHOLDERS AND MAINTAINING ONE BOARD SEAT EACH
    * GARRETT MOTION INC: ELIMINATION OF SERIES A PREFERRED
DIVIDEND
ADDS OVER $100 MILLION OF INCREMENTAL ANNUAL NET CASH FLOW TO
SUPPORT INVESTMENTS
    * GARRETT MOTION INC - FOLLOWING CONVERSION, GARRETT WILL
HAVE ONE
CLASS OF SHARES OUTSTANDING, COMMON STOCK
    * GARRETT MOTION INC - REPURCHASES ARE SUBJECT TO OBTAINING
FUNDING OF APPROXIMATELY $700 MILLION OF NEW DEBT

Source text for Eikon:  ID:nGNX2cvJy2 
Further company coverage:  G02.F 

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