Honeywell, Garrett Agree to Limit Litigation Spend in Dispute

Honeywell International Inc. has withdrawn a notice of default it issued to protect its rights and interests after Garrett Motion Inc. amended its credit agreement without giving the aerospace manufacturer notice.

• Honeywell said it is working constructively with Garrett to ensure Honeywell’s rights are protected while giving Garrett relief it sought under its financial covenants due to the challenging COVID-19 environment
• Company said Garrett has spent more than $12m of their shareholders’ money pursuing litigation against Honeywell that lacks any merit and both companies have agreed to make good faith efforts to limit near-term litigation spend on the ongoing dispute ...