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.
A syndicate of banks including Citi, UBS Investment Bank, Credit Suisse and BNP PARIBAS committed to provide exit financing to the KPS Capital stalking horse acquisition vehicle to acquire Garrett Motion in a recently filed Chapter 11 case.
According to an 8K filed with the SEC, JPMorgan Chase Bank is serving as administrative agent on an amendment to Garrett Motion’s credit agreement. The amendment provides covenant relief for up to a two-year period through June 30, 2022.
JPMorgan served as administrative agent for a $1.66 billion senior secured term loan to support Honeywell International’s spin-off of Garrett Motion.