---
schema_version: "secwatch.filing_event.v1"
accession: "0001735707-23-000032"
form_type: "8-K"
ticker: "GTX"
cik: "0001735707"
company_name: "Garrett Motion Inc."
filed_at: "2023-04-13T23:59:59+00:00"
generated_at: "2026-06-17T02:43:13.972342+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Garrett Motion to convert all Series A Preferred into Common, repurchase $570M from Centerbridge and Oaktree

## Summary
- Convert all Series A Preferred to Common on/around July 3, 2023; eliminates 11% dividend, adds >$100M annual cash flow.
- Repurchase ~$570M of Series A Preferred from Centerbridge and Oaktree at adjusted $8.10/share; each stake falls to 15%.
- Board increases share repurchase authorization to $250 million.
- Centerbridge and Oaktree reduce board nomination rights to one each; 50% lock-up for 6 months, rest for 12 months.
- Transaction subject to ~$700M new term loan B debt financing, expected to close in Q2 2023.

## SEC filing metadata
- accession: 0001735707-23-000032
- form_type: 8-K
- ticker: GTX
- cik: 0001735707
- company_name: Garrett Motion Inc.
- filed_at: 2023-04-13T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1735707/000173570723000032/0001735707-23-000032-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1735707/000173570723000032/gtx-20230413.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001735707-23-000032
- JSON: https://secwatch.observer/filing/0001735707-23-000032.json
- Plain text: https://secwatch.observer/filing/0001735707-23-000032.txt

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