Ropes & Gray suggested an advert hoc group of secured noteholders of Garrett Motion Inc. in its profitable Chapter 11 restructuring. Garrett Motion emerged from its seven-month chapter case on April 30, 2021. Under Garrett’s lately confirmed plan, the secured noteholders acquired par, accrued interest by means of the efficient date on the contract charge plus $15 million on account of their make-whole claims. Garrett filed a criticism to disallow the secured noteholders make-whole declare, however the secured noteholders prevailed with an approximate 60% settlement of the declare.
With the assist of a big majority of its stakeholders, led by funds managed by Centerbridge Partners, L.P. and Oaktree Capital Management, L.P., Switzerland-based Garrett Motion will stay a publicly traded business. Its widespread inventory was listed on the Nasdaq on May 3 under the ticker image GTX. The press launch is here.
The Ropes & Gray staff that represented Garrett Motion was led by enterprise restructuring companions Mark Bane and Matthew Roose (each of New York), and included Andrew Devore (Boston), Matthew Czyzyk (London), Jonathan Gill (New York) and Leonard Klingbaum (New York).