Ropes & Gray advised an ad hoc group of secured noteholders of Garrett Motion Inc. in its successful Chapter 11 restructuring. Garrett Motion emerged from its seven-month bankruptcy case on April 30, 2021. Under Garrett’s recently confirmed plan, the secured noteholders received par, accrued interest through the effective date at the contract rate plus $15 million on account of their make-whole claims. Garrett filed a complaint to disallow the secured noteholders make-whole claim, but the secured noteholders prevailed with an approximate 60% settlement of the claim.
With the support of a significant majority of its stakeholders, led by funds managed by Centerbridge Partners, L.P. and Oaktree Capital Management, L.P., Switzerland-based Garrett Motion will remain a publicly traded company. Its common stock was listed on the Nasdaq on May 3 under the ticker symbol GTX. The press release is here.
The Ropes & Gray team that represented Garrett Motion was led by business restructuring partners Mark Bane and Matthew Roose (both of New York), and included Andrew Devore (Boston), Matthew Czyzyk (London), Jonathan Gill (New York) and Leonard Klingbaum (New York).
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