Item 7.01
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Regulation FD Disclosure.
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As previously reported, on September 20, 2020 (the “Petition Date”), Garrett Motion Inc. (the “Company”) and certain of its subsidiaries (collectively, the “Debtors”) each filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Debtors’ Chapter 11 cases (the “Chapter 11 Cases”) are being jointly administered under the caption “In re Garrett Motion Inc., 20-12212.” As previously announced, on March 12, 2021, the Debtors filed an amended Chapter 11 plan of reorganization (as amended, the “Plan”) and an amended disclosure statement with the Bankruptcy Court. Also as previously announced, on April 9, 2021, as contemplated by the Plan, the Company filed a supplement to the Plan (as amended, the “Plan Supplement”) with the Bankruptcy Court. As previously announced, the Company filed amended versions of the Plan and the Plan Supplement on April 20, 2021.
On April 22, 2021, the Company filed a further amended version of the Plan Supplement (the “Further Amended Plan Supplement”). The Further Amended Plan Supplement contains disclosure about the identity and affiliations of certain additional individuals who, as of the date of the Further Amended Plan Supplement, are expected to be designated to serve on the Company’s new board of directors (the “Board”), including the individual expected to be appointed as chair of the Board.
The Further Amended Plan Supplement and other filings with the Bankruptcy Court related to the Chapter 11 Cases are available electronically at www.kccllc.net/garrettmotion. This website address contains third-party content and is provided for convenience only. Third-party content is the responsibility of the third party, and the Company disclaims liability for such content.
The foregoing description of the Further Amended Plan Supplement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Further Amended Plan Supplement, which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
A hearing to consider confirmation of the Plan is scheduled to be held before the Bankruptcy Court on April 23, 2021. The Debtors’ performance and obligations under the Plan are subject to approval by the Bankruptcy Court and other customary closing conditions.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Cautionary Information Regarding Trading in the Company’s Securities.
The Company’s securityholders are cautioned that trading in the Company’s securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company’s Chapter 11 Cases. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.
Forward-Looking Statements.
This Current Report on Form 8-K and the exhibit hereto may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of fact, that address activities, events or developments that the Company or the Company’s management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although the Company believes forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to those described in the Company’s annual report on Form 10-K for the year ended December 31, 2020, as well as the Company’s other filings with the Securities and Exchange Commission, under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by the Company’s forward-looking statements.