Garrett Shareholders Force Firm to Look at New Bankruptcy Loan

Auto-parts maker Garrett Motion Inc. agreed to consider a less-restrictive loan to fund its reorganization in bankruptcy after facing opposition on its first day in court from current shareholders and the company’s former owner, Honeywell International Inc.

• Garrett will consider a competing loan that may be offered by Oaktree Capital and Centerbridge Partners, Garrett’s main bankruptcy lawyer told U.S. Bankruptcy Judge Michael Wiles during the hearing, which was held by telephone
  • An attorney for Oaktree and Centerbridge said the two distressed-debt investors had sent Garrett a so-called debtor-in-possession loan proposal before the parts maker began the court hearing
• “An ...