The U.S. Bankruptcy Court for the Southern District of New York confirmed Garrett Motion’s plan of reorganization, positioning the company to complete the implementation of the plan, which will be led by funds managed by Centerbridge Partners and Oaktree Capital Management. Garrett Motion expects the effective date will occur as soon as all conditions precedent to the plan have been satisfied. The company is targeting emergence by April 30.

The plan received the overwhelming support of all voting classes, including 100% of the bank lenders, 100% of the bondholders and 94% of the stockholders who voted on the plan.

“We are pleased to have achieved this important milestone with the support of our creditors, stockholders, Centerbridge and Oaktree, which clears the way to complete our financial restructuring process,” Olivier Rabiller, president and CEO of Garrett Motion, said. “We look forward to the prospect of emerging soon as a stronger company that we believe will be even better positioned to accelerate the development of differentiated technologies and enhance our global customer experience. I want to thank our customers and suppliers for their support during this process and our employees for their dedication, which enabled us to provide continued support to our customers as the restructuring progressed.”

The plan will infuse equity capital into the Garrett Motion’s capital structure in the form of approximately $1.3 billion in new Series A preferred stock. It also settles existing litigation with Honeywell and restructures financial obligations transferred to Garrett Motion at the time of its spinoff. Garrett also has obtained $1.55 billion of committed debt financing, including a $1.25 billion-equivalent term loan and a new $300 million exit revolving facility. In addition to the support of creditors and stockholders, the plan also received the support of Honeywell, the Official Creditors Committee and the Official Equity Committee.

Morgan Stanley and Perella Weinberg Partners are serving as financial advisors, Sullivan & Cromwell and Quinn Emanuel Urquhart & Sullivan are serving as legal advisors, and AlixPartners is serving as restructuring advisor to Garrett Motion.