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KPS Capital Partners Agrees To Acquire Substantially All Of The Assets Of Garrett Motion Inc.

KPS TO PARTICIPATE IN COMPANY'S DIP FINANCING TO SUPPORT OPERATIONS KPS HAS OBTAINED COMMITTED EXIT FINANCINGNEW YORK, Sept. 20, 2020 /PRNewswire/ --A KPS Capital Partners, LP ("KPS") announced today that, through a newly formed affiliate, it has entered into a stock and asset purchase agreement with Garrett Motion Inc. (NYSE: GTX) ("Garrett" or the "Company"),A under which KPS willA acquire substantially all of the assets of Garrett for approximately $2.1 billion.A 
KPS Capital Partners Agrees To Acquire Substantially All Of The Assets Of Garrett Motion Inc.
Garrett will file a motion with the United States Bankruptcy Court for the Southern District of New York today seeking the designation of KPS as the "stalking horse bidder" in a bidding procedures motion in connection with the Company's filing of voluntary petitions under Chapter 11 of the Bankruptcy Code. A KPS was selected by Garrett after a comprehensive review of strategic alternatives by the Company's Board of Directors. A To facilitate the sale process, Garrett has begun a process in the United States to financially restructure through a voluntary Chapter 11 proceeding.A  The completion of the sale is subject to court approval, among other customary conditions. A KPS currently expects the sale process to be completed in early 2021.
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