---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-23-001084"
form_type: "8-K"
ticker: "GTX"
cik: "0001735707"
company_name: "Garrett Motion Inc."
filed_at: "2023-04-14T23:59:59+00:00"
generated_at: "2026-06-17T02:01:58.285906+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Garrett Motion to repurchase $570M preferred stock, convert remaining to common, and boost buyback program

## Summary
- Agreed to repurchase ~$570M of Series A Preferred from Centerbridge ($280M) and Oaktree ($290M) at $8.10/share, subject to VWAP adjustment.
- All remaining Series A Preferred will convert into common stock at 1:1 on or after July 3, 2023, pending conditions.
- Company plans $700M debt financing via an amended credit agreement to fund the repurchases.
- Board increases share repurchase program to $250M (from prior amount); program expires Nov 15, 2023.
- Centerbridge and Oaktree agree to reduce board designation rights to one designee each and adhere to lock-up and ownership limitations.

## SEC filing metadata
- accession: 0000950142-23-001084
- form_type: 8-K
- ticker: GTX
- cik: 0001735707
- company_name: Garrett Motion Inc.
- filed_at: 2023-04-14T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1735707/000095014223001084/0000950142-23-001084-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1735707/000095014223001084/eh230348725_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-23-001084
- JSON: https://secwatch.observer/filing/0000950142-23-001084.json
- Plain text: https://secwatch.observer/filing/0000950142-23-001084.txt

## Key facts
- Material Agreements
  Garrett Motion Inc. entered into Transaction Agreements with Centerbridge Partners, L.P. and funds managed by Oaktree Capital Management, L.P. valued at approximately $570 million (effective 2023-04-12).
  - Action: entry
  - Counterparty: Centerbridge Partners, L.P. and funds managed by Oaktree Capital Management, L.P.
  - Value: approximately $570 million
  - Effective: 2023-04-12
  source text: On April 12, 2023, Garrett Motion Inc. (the “Company”) announced that it has entered into separate transaction agreements with each of Centerbridge Partners, L.P. (together with its affiliates, “Centerbridge”) and funds managed by Oaktree Capital Management, L.P. (together with its affiliates, “Oaktree”) to effect a series of integrated transactions
  evidence_url: https://www.sec.gov/Archives/edgar/data/1735707/000095014223001084/0000950142-23-001084-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.