secwatch.observer — SEC 8-K summary
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Issuer:     Garrett Motion Inc. (GTX)
CIK:        0001735707
Form:       8-K
Filed at:   2022-06-28T23:59:59+00:00
Accession:  0000950142-22-002024
Event type: debt
Sentiment:  positive
Materiality: 0.80
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Garrett Motion redeems $212M Series B Preferred Stock early, triggering director change
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- Garrett Motion redeemed all remaining Series B Preferred Stock for $212M on June 28, 2022, using cash on hand.
- Redemption caused Honeywell nominee Tina Pierce to resign from the board; she was immediately re-elected as a director.
- CEO Olivier Rabiller cited strong cash flow and a deleveraging milestone despite volatile environment.
- Company previously redeemed $211M in Q4 2021 and $197M in Q1 2022, eliminating all Series B shares.
- Honeywell CEO Darius Adamczyk expressed pleasure with the early redemption and wished Garrett continued success.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1735707/000095014222002024/0000950142-22-002024-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1735707/000095014222002024/eh220265627_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950142-22-002024

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer