The company will redeem $212 million in outstanding Series B stock, to be repaid with cash on hand.
Garrett’s MPC technology can predict and preemptively optimize how a system operates in real-world conditions.
The company has increased its operational footprint by 50% to support strong growth.
Company raises $1.3 billion of new equity from Centerbridge, Oaktree and existing stockholders.
Garrett Motion common stock will be listed under the ticker symbol “GTX.”
Gross profit percentage for the first quarter of 2021 increased to 19.7% from 18.5% in the first quarter of 2020.
Garrett plans to emerge from Chapter 11 by the end of April 2021.
Competitive process to continue to explore all alternatives; Auction date set for Dec. 18.
KPS will acquire substantially all of the assets of Garrett for approximately $2.1 billion.
The software uses both physics and artificial intelligence for a unique aftermarket software solution.
In conjunction, Honeywell withdrew its previously issued Notice of Default.
Stoll has more than 30 years of experience in the automotive industry.