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Garrett Motion to Transform Capital Structure
- Client News
- April 13, 2023
Paul, Weiss is advising a committee of independent directors of Garrett Motion Inc., a leading differentiated automotive technology provider, in its agreements with Centerbridge Partners, L.P., and funds managed by Oaktree Capital Management, L.P., to transform its capital structure. The company will convert all outstanding Series A preferred stock into a single class of common stock in a transaction involving the repurchase of a total of $570 million in Series A preferred stock from Centerbridge and Oaktree. The conversion is expected to occur on or about July 3, 2023, subject to certain conditions.
The Paul, Weiss team includes corporate partners Kenneth Schneider, John Kennedy and Caith Kushner and counsel Ari Nishitani, Jason Tyler and Patricia Vaz de Almeida; tax partner Robert Holo; and litigation partner Jaren Janghorbani.